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First Notes - 16 October 2014

First Notes - 16 October 2014

The MCA rationalises norms relating to consolidated financial statements and internal financial controls system


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The Companies Act, 2013 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.

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