MCA vide notification dated 16th January 2015 has issued the Companies (Accounts) Amendment Rules, 2015 for amending the Companies (Accounts) Rules, 2014. The details of the amendment are outlined below:

Insertion of Rule 2A

Rule 2A stands inserted after the rule (2)

“2A. Notice of address at which books of account are to be maintained. – For the purposes of the first proviso to sub-section (1) of section 128, the notice regarding address at which books of account may be kept shall be in Form AOC-5.”

Insertion of Proviso

In rule 6 after the third proviso, the following proviso stands inserted:-

“Provided also that nothing in this rule shall apply in respect of consolidation of financial statement by a company having subsidiary or subsidiaries incorporated outside India only for the financial year commencing on or after Is' April, 2014.”

Text of existing rule 6 is given below:

6. Manner of consolidation of accounts. – The consolidation of financial statements of the company shall be made in accordance with the provisions of Schedule III of the Act and the applicable accounting standards:

Provided that in case of a company covered under sub-section (3) of section 129 which is not required to prepare consolidated financial statements under the Accounting Standards, it shall be sufficient if the company complies with provisions on consolidated financial statements provided in Schedule III of the Act.

Provided further that nothing in this rule shall apply in respect of preparation of consolidated financial statement by an intermediate wholly' owned subsidiary, other than a wholly-owned subsidiary whose immediate parent is a company incorporated outside India:

Provided also that nothing contained in this rule shall, subject to any other law or regulation, apply for the financial year commencing from the 1st day of April, 2014 and ending on the 31st  March, 2015, in case of a company which does not have a subsidiary or subsidiaries but has one or more associate companies or joint ventures or both, for the consolidation of financial statement in respect of associate companies or joint ventures or both, as the case may be.

eForm AOC-5

In the Annexure after Form AOC-4, form AOC-5 stands inserted