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Consolidation - only associates and no subsidiary
A private Ltd company is having only associates and not subsidiary. IND AS is not applicable to the company. Whether consolidated financial statements is to be prepared or not?
Replies (8)
Yes prepared... As per company act
yes as per Accounting Standard 23
As 23 doesn't mandate that..... As 21,23,27 only told that if consolidation is there then it as per this standard.... It mandate in company act 2013 section 128
But has it been notified?
Yes notified much earlier.... Whether u hv subsidiary or not.... Consolidation is must in case of associate and joint venture also
Thank you
Plz refer section 129(1)(d)....consolidation is mandatory there.... And subsidiary include associates and joint venture also
Yes, it is mandatory u/s 129(3). Sec.129(3) has been changed vide Companies (Amendment) Act 2017 and the amended provision is yet to come into force. However, even under existing provision it is mandatory to prepare consolidated financials.
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