Clarification on the matters related to Consolidated Financial Statements (CFS)

The Ministry of Corporate Affairs has issued a Circular No. 39/2014 dated 14th October, 2014 w.r.t to provide clarification on the matters relating to Consolidated Financial Statements.

The same has been raised out through representations by the stakeholders seeking clarification on the manner of presentation of notes in Consolidated Financial Statements to be prepared under Schedule III of the CA, 2013.

The representations have been duly examined in consultation with the Institute of Chartered Accountants of India and the matter has been clarified that Schedule III of the Act read with the applicable Accounting Standards does not require to repeat the disclosures made under the Stand alone Accounts while preparing the Consolidated Financial Statements.

In a Consolidated Financial Statement the Company would need to provide all the disclosures relevant for the CFS only.

The Circular containing the above details can also be accessed at the link below.

Clarification on the matters related to consolidated financial statements


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