Companies (Accounts) amendment exempts certain unlisted subsidiaries from consolidated statements if specified conditions are met. The amendment creates a conditional exemption from preparing consolidated financial statements where a company is wholly or partially owned (subject to written intimation and no objections), unlisted, and its holding company files compliant consolidated statements; it revises reporting to require highlights of subsidiaries, expands internal auditor definitions and clarifies accountant definitions; and substitutes Form AOC I and Form AOC 4 with detailed templates for disclosure of subsidiaries, associates, joint ventures, financial statements, CSR, related party transactions and auditor reporting.