The Companies Act, 2013 (the Act)
was largely operationalised from 1 April 2014. The Ministry of Corporate Affairs
(MCA) vide notifications dated 14 October 2014 has amended/clarified provisions
relating to:
·
the preparation of consolidated financial statements (CFS) by an
intermediate wholly-owned subsidiary – amended to provide an exemption
·
the preparation of CFS by companies having just an associate or a
joint venture – amended to grant a transition period
·
reporting on the internal financial control systems by auditors,
mandatory for financial years commencing on or after 1 April 2015 – amended to
grant a transition period
·
the Schedule III-related disclosures made in stand-alone financial
statements which are not to be repeated in CFS.
The amendments would be
applicable from the date of their publication in the Official Gazette
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