C4C5C6C7Part 15Accounts and reports

Annotations:
Modifications etc. (not altering text)
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)

C3Chapter 4Annual accounts

Annotations:
Modifications etc. (not altering text)

Group accounts: general

C1C2407Consistency of financial reporting within group

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.