Custom Search

(152)-REQUIREMENT TO PREPARE GROUP ACCOUNTS

Tuesday, April 13, 2010

Requirement to Prepare Group Accounts

The companies act introduced a completely new provision exempting some groups from preparing consolidated accounts. There are two grounds.
  1. Similar groups can claim exemptions on grounds of size
  2. Parent companies (except for listed companies) whose immediate parent is established in some countries need not prepare consolidated accounts. The accounts must give the name and country of incorporation of the parent and state the fact of the exemption. In addition, a copy of the audited consolidated accounts of the parent must be filed with the company accounts. Minority shareholders can, however, require that consolidated accounts are prepared.


The exemption from preparing consolidated accounts is not available to:

  • Public accounts
  • Banking and insurance companies
  • Authorized persons under the law
  • Companies belonging to a group containing a member of the above classes of undertaking

0 comments:

Post a Comment

About Me

My Photo
Management Consultant.
Financial management and business management specialist.
View my complete profile

WELCOME

WELCOME ALL.....................................................,

If you have any problems regarding accounting please comment in this site and let we know SURELLY WE ANSWERED...................................,