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”.

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