C11C4C5C6C7Part 15Accounts and reports

Annotations:
Modifications etc. (not altering text)
C11

Pt. 15 applied (with modifications) (8.12.2017) by The Risk Transformation Regulations 2017 (S.I. 2017/1212), regs. 1(2), 162, 163 (with reg. 189)

C5

Pt. 15 applied (with modifications) (6.4.2008) by The Partnerships (Accounts) Regulations 2008 (S.I. 2008/569), regs. 4, 7, Sch. Pt. 1

C6

Pt. 15 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 16 (with transitional provisions and savings in regs. 7, 9, Sch. 2)

C3C9C12C13 Chapter 4Annual accounts

Annotations:
Modifications etc. (not altering text)
C9

Pt. 15 Ch. 4 applied (with modifications) (31.7.2015) by The European Grouping of Territorial Cooperation Regulations 2015 (S.I. 2015/1493), regs. 1(2), 7(1) (with reg. 11)

C12

Pt. 15 Ch. 4 applied (with modifications) by S.I. 2008/565, reg. 3 (as substituted (with effect in accordance with reg. 2(4) of the amending S.I.) by The Statutory Auditors Regulations 2017 (S.I. 2017/1164), reg. 1(2)(3), Sch. 2 para. 3 (with reg. 2(6)(7)))

C13

Pt. 16 Ch. 1 applied (with modifications) (E.W.S.) (1.10.2018) by The Occupational Pension Schemes (Master Trusts) Regulations 2018 (S.I. 2018/1030), regs. 1(2), 9(4)-(8)

Group accounts: general

C1C2C8C10403Group accounts: applicable accounting framework

1

The group accounts of certain parent companies are required by Article 4 of the IAS Regulation to be prepared in accordance with international accounting standards (“IAS group accounts”).

2

The group accounts of other companies may be prepared—

a

in accordance with section 404 (“Companies Act group accounts”), or

b

in accordance with international accounting standards (“IAS group accounts”).

This is subject to the following provisions of this section.

3

The group accounts of a parent company that is a charity must be Companies Act group accounts.

4

After the first financial year in which the directors of a parent company prepare IAS group accounts (“the first IAS year”), all subsequent group accounts of the company must be prepared in accordance with international accounting standards unless there is a relevant change of circumstance. F1This is subject to subsection (5A).

5

There is a relevant change of circumstance if, at any time during or after the first IAS year—

a

the company becomes a subsidiary undertaking of another undertaking that does not prepare IAS group accounts,

b

the company ceases to be a company with securities admitted to trading on a regulated market in an EEA State, or

c

a parent undertaking of the company ceases to be an undertaking with securities admitted to trading on a regulated market in an EEA State.

F25A

After a financial year in which the directors of a parent company prepare IAS group accounts for the company, the directors may change to preparing Companies Act group accounts for a reason other than a relevant change of circumstance provided they have not changed to Companies Act group accounts in the period of five years preceding the first day of that financial year.

5B

In calculating the five year period for the purpose of subsection (5A), no account should be taken of a change due to a relevant change of circumstance.

6

If, having changed to preparing Companies Act group accounts F3. . . , the directors again prepare IAS group accounts for the company, subsections (4) and (5) apply again as if the first financial year for which such accounts are again prepared were the first IAS year.