exemption from preparation of consolidated financial statements

In the amendmentsrelated to provisions of the Companies (Accounts) Rules, 2014
1.Exemptions has been provided to a company from requirement of preparation of consolidated financial statements if it meets the conditions:
a) In the Board report, addition to the other disclosures, the contribution of the performance of the subsidairies, associates or joint venture (hereinafter referred to as 'JV') companies to the performance of the company on over all shall be provided.
b) U/S 138, in addition to the explanation for the term 'Chartered Accountant 'explanation has to be provi2 w. r. t to term 'Cost Accountant '.
c) Existing format of AOC-4 has been modified.

in case of branch accounting branches accounts must be consolidated with that of head office