Hello ,
As per Section 129 ,the financial statements shll comply with accounting standard. Now for the Financial year 2014-15 , the accounting standard according to the companies act -1956 was applicable.
Pl.suggest for foll.query Holding co.is unlisted public co, and subsidiary is private co.
Query :
- If in the Financial year 2014-15 as per accounting standard , if the consolidated financial statement and cash flow statement was not applicable to the company( which is holding co.of pvt subsidiary co.) , then whether it is ok, if consolidated financial statement and cash flow statement ( for pvt subsidiary) are not prepared
or one has to follow definition of cash flow statement which states that only opc and small companies are exempted from making cash flow statement.
Pls suggest for the Consolidated fin.statement and cash flo statement for f.year -2014-15 with relevant sections /rules
CAclubindia
