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Dear Sir
We are Private Limited company( Say X Pvt Ltd) and we have 6 no Joint Ventures where Xltd is having in 5 no Joint venture 49 % share and 1no Joint venture 51 % share.
We have already prepared Balance sheet of X Pvt Ltd for FY 2023-24 Standalone financial statement as per INDAS 28 with Joint venture accounting using Equity method of accounting. (JV share of profit shown in income and investment in JV is adjusted to that extent)
SO Standalone Balance sheet is already circulated and Tax audit and ITR is prepared for FY 2023-24.
As per Secretarial department we have to File AOC 4 so as per him we have to 2 no balance sheet one is standalone and another one is consolidated otherwise penalty is applicable
Query
• Whether consolidated balance sheet for Joint venture is compulsory?
• If yes what we can do now for FY 2023-24 since Balance sheet is circulated?
• If we have not done what is the consequences and penalty to be given?
• If we have to do consolidation whether only Equity method of accounting for JV is sufficient or full consolidation to be done by adding all assets and liability of JVs ?
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