what will happen if a company becomes an associate company during the period of 1st april ,2013 to 31st april ,2013 as per companies act, 2013? In this case, consolidation of accounts mandatory for this financial year?
2 Replies
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 22 April 2014
Provision of consolidation will apply if the relationship of associate company exists as on the last day of the financial year.
dipali shinde
(company secretary)
(163 Points)
Replied 23 April 2014
Hello,
As per latest MCA notification dt. 04/04/2014, provisions relating to financial statements, auditors report, Boards report in respect of financial year 2013-14 shall be governed by Companies Act, 1956. Thus the provisions as per Companies Act, 2013 and its respective rules will become applicable only from FY15. So consolidation of accounts in case of associate company will be applicable from FY15.
Opinion of experts solicited.
Thanks
Dipali Shinde
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