Consolidated financial statements (Section 129)
- If a company has a subsidiary / associate / joint venture, Consolidated Financial Statements (CFS) to be prepared and laid before an Annual General Meeting (AGM) in addition to stand-alone financial statements
- A separate format (similar to existing revised schedule VI of the Act) has been prescribed for the preparation of CFS in the Act.
- It further requires minority interest to be presented separately within equity on the balance sheet.
- The term significant influence has been re-defined as “control of at least 20 percent of total share capital or of business decision under an agreement”.