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Consolidating an associate company

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Group accounts show the financial results of subsidiaries and associates, along with those of the acquiring entity, as though they were all one.

Associates are not under the full control of the acquiring entity, but under its significant influence in terms of operating and financial policies.

However, changes in any form bring with it numerous doubts and complications, so is the case with the introduction of new provision in the form of section 129(3) which mandates every company to prepare Consolidated Financial Statements.

So, let us strive to understand the changes that are taking place around us and implement the same with the conviction that “we must be in tune with the times and be prepared to break the traditions’ Section 129(3) of the Companies Act, 2013 deals with the placing of financial statement and CFS of the company and its subsidiaries in AGM.

Further, Rule 6 of the Companies (Accounts) Rule, 2014 lays down the manner of consolidation of accounts of companies.

The consolidation of financial statements of the company shall be made in accordance with the Consolidation of Financial Statements – A Move to Greater Transparency provisions of Schedule III of the Companies Act, 2013 and the applicable accounting standards (i.e.

Example Suppose company B is having Net worth of Rs 10 lac, company A purchases 75% of share of company B, then remaining 25% i.e. Presentation as per Schedule III The CFS prepared in the same format as that of Separate Financial Statements, i.e, Schedule III of Companies Act 2013 Exclusion of Subsidiaries from Consolidation The Holding Company shall consolidate the financial statements of all the subsidiaries, domestic or foreign other than: Temporary Investment - When the shares are held in subsidiary company for disposal in near future.

The consolidated profit and loss account (income statement) will show the following results of the parent company and its subsidiaries added together: Reserves (or profits/(losses) accumulated over a number of years) up to the date of acquisition are included in goodwill.Thus, the new requirements majorly affect the unlisted companies in India which practically might be doing this for the first time The accounting for subsidiaries, joint ventures and associates in the consolidated financial statements will also require extensive financial information from their respective investees.For example, the financial statements of the subsidiaries, associates and joint ventures must be prepared following the Indian accounting standards and must conform to the accounting policies of the Indian Parent Company This has caused trouble to the unlisted companies as it will be a challenging task for them to accumulate all the required details within such a short span of time.Consolidation of Financial Statements – A Move to Greater Transparency, The Government of India, in its endeavor to enforce and raise compliance standards, has legislated the Companies Act, 2013, the much required code for corporates in India in line with the developments taking place worldwide and in order to meet the growing demands of stakeholders towards greater transparency and ease of understanding.Now scroll down below and check more details regarding consolidated financial statements.Reserves accumulated after acquisition are included in accumulated reserves of minority interest as appropriate.