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Companies Act 2006
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Changes over time for: Section 407
Version Superseded: 01/10/2013
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- 06/04/2008- Amendment
- 01/03/2009
Point in time - 01/10/2013- Amendment
- 17/05/2016- Amendment
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407Consistency of financial reporting within groupU.K.
This section has no associated Explanatory Notes
(1)The directors of a parent company must secure that the individual accounts of—
(a)the parent company, and
(b)each of its subsidiary undertakings,
are all prepared using the same financial reporting framework, except to the extent that in their opinion there are good reasons for not doing so.
(2)Subsection (1) does not apply if the directors do not prepare group accounts for the parent company.
(3)Subsection (1) only applies to accounts of subsidiary undertakings that are required to be prepared under this Part.
(4)Subsection (1) does not require accounts of undertakings that are charities to be prepared using the same financial reporting framework as accounts of undertakings which are not charities.
(5)Subsection (1)(a) does not apply where the directors of a parent company prepare IAS group accounts and IAS individual accounts.
Modifications etc. (not altering text)
C1Ss. 398-408 applied (with modifications) (1.10.2008) by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 (S.I. 2008/1911), reg. 10
C2Ss. 380-416 applied (with modifications) (1.10.2009) by The Unregistered Companies Regulations 2009 (S.I. 2009/2436), regs. 3-5, Sch. 1 para. 10 (with transitional provisions and savings in regs. 7, 9, Sch. 2)
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