https://www.taxtmi.com/news?id=15588 Recommendations clarify consolidation under Section 129 to align statutory references with applicable Accounting Standards, allow overseas subsidiaries to submit locally prepared statutory financials on a holding company's website where foreign law mandates consolidated reporting, and state that step down subsidiaries need not separately publish standalone statements in such cases. The Committee retains auditor reporting standards for consolidated financial statements while recommending professional guidance on auditors' duties for internal financial controls, CARO style reporting, and overseas subsidiaries. en-us Tue, 02 Feb 2016 19:17:34 +0530 Tue, 02 Feb 2016 19:17:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=15588 Recommendations clarify consolidation under Section 129 to align statutory references with applicable Accounting Standards, allow overseas subsidiaries to submit locally prepared statutory financials on a holding company's website where foreign law mandates consolidated reporting, and state that step down subsidiaries need not separately publish standalone statements in such cases. The Committee retains auditor reporting standards for consolidated financial statements while recommending professional guidance on auditors' duties for internal financial controls, CARO style reporting, and overseas subsidiaries. News - Tue, 02 Feb 2016 19:17:34 +0530 https://www.taxtmi.com/news?id=15588