Financial Statements in Thousands

[JOHN SHANNEL]

Is it compulsory to prepare Financial Statements in Thousands for a Indian Company have turnover below 50 crore while its holding company is doing a turnover of 1000 crore. Also guide me which act deals this.

[CAGOPALJI AGRAWAL]

It is not necessary. The rounded off provision has been stated in schedule VI of the Companies Act Note No.3 of Part I.

AI Summary

Rounded off provision permits presentation choices for financial statements despite differing group turnover levels. It is not required to prepare financial statements in thousands for a company whose turnover is below the threshold merely because its holding company has larger turnover. The operative rule is the rounded off provision in Schedule VI, Note No.3 of Part I, which permits rounding of figures in financial statements and governs presentation.