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389. Duty to prepare group accounts

Past version: effective from 14/06/2015 - 13/06/2015
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(1) This section applies to companies that are not subject to the small companies regime.
(2) If at the end of a financial year the company is a parent company the directors, as well as preparing individual accounts for the year, must prepare group accounts for the year unless the company is exempt from that requirement.
(3) Group accounts prepared in accordance with this section shall be prepared in accordance with international accounting standards ("IAS group accounts").
(4) The Board may make rules prescribing other accounting standards which may be adopted for the purpose of preparing group accounts.
(5) There are exemptions to the requirements of this section under section 390 (exemption for company included in group accounts of larger group).
(6) A company to which this section applies but which is exempt from the requirement to prepare group accounts, may do so.