Thursday, November 13, 2014

Clarifications on matters relating Disclosures in Consolidated Financial Statements (CFS)

It is clarified that Schedule III to the Companies Act, read with the applicable Accounting Standards does not envisage that a company while preparing its CFS merely repeats the disclosures made by it under stand-alone accounts being consolidated. In the CFS, the company would need to give all disclosures relevant for CFS only.

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