RAMBO (Company Secretary) (54 Points)
02 August 2008Hi,
Is a Private Company required to present consolidated financial Statements in its Annual Report?
Is a Company compulsorily required to file consolidated financial statements of its subsidiaries with Registrar of Companies?
If, yes, which section makes it compulsory?
Pl clarify
CA Naveen Kumar Agrawal
(Chartered Accountant / MBA)
(939 Points)
Replied 03 August 2008
Accounting Standard-21"Consolidated Financial Statements" is mandatory in case of a holding company.
three new sub sections have been introduced in sec. 211 requiring compliance of Accountin Standards(issued by ICAI) by all the Companies and disclosure of particulars in case of non compliance. Relevnt Sections of companies act are sec. 211, 211(3C), 217(2AA), 227(obligatory on the part of auditor).
Sundari
(Chartered Accountant)
(26 Points)
Replied 05 September 2008
Hi
Is AS-21 is apllicable for pvt limited companies which are unlisted . As per the companies Act The company has subsidary but if i check the accounting standards , it is understood that AS-21 is applicable only to listed companies , can you clrify me .
CA sundari
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