General Circular 39 dated 14.10.2014:Clarification on matters relating to Consolidated Financial Statement.New
October, 16th 2014
ceneral Cttculat No, 39/2014
Government of India
Ministry of Corporate Affairs
sth Floor, "A' Wing, Shastri Bhavan,
Dr R.P. Road, New Delhi.
All Regional Directors,
All Registrars of Companies,
Subject: Clastncation on nratters selrtlng to consolldated Flnarclsl
Government has received representations from stakeholders seeking
clariflcations on the manner of presentation of notes in Consolidated Financial
Statement (CFS) to be prepared under Schedule III to the Companies Act,
2013(Act). These representations have been examined in consultation with the
lnstitute of Chartered Accountants of India (ICAI) and it is clarified that Schedule
lll to the 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.
2. This issues with the approval of the competent authority.
Assistant qirector (Policy)
1, e-Governance Section and web contents Ofhcer to place this circular on the
2. Guard File