391. Consistency of financial reporting within group
Past version: effective from 14/06/2015 - 13/06/2015
To view other versions open the versions tab on the right
(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)(a) does not apply where the directors of a parent company prepare IAS group accounts and IAS individual accounts.