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<h1>Amendment to Companies (Accounts) Rules 2014: Exemptions for Subsidiaries, Updated Reporting, and Revised Accountant Definitions.</h1> The Companies (Accounts) Amendment Rules, 2016, issued by the Ministry of Corporate Affairs, amend the Companies (Accounts) Rules, 2014. Key changes include exemptions for certain subsidiaries from preparing consolidated financial statements if they meet specified conditions, such as being wholly or partially owned and having no objections from other members. Additionally, updates to reporting requirements mandate highlighting the performance of subsidiaries, associates, and joint ventures. The amendment also clarifies the definition of 'Chartered Accountant' and 'Cost Accountant' and revises forms AOC-I and AOC-4 to reflect these changes, effective upon publication in the Official Gazette.