Exemptions from the requirement to prepare group financial statements apply under financial reporting standards (Old FRSs, IFRSs, and the new FRS 102 (New Irish GAAP: applicable for accounting periods commencing on or after 1 January 2015). The exemptions as set out in the Act (sections 297 to 303) essentially mirror these exemptions. These exemptions are synopsised below:

“Where at the end of its financial year a company is a holding company, the directors of the company, as well as preparing entity financial statements for the financial year, shall prepare group financial statements for the holding company and all its subsidiary undertakings for that financial year”

Consolidation is also required under current Generally Accepted Accounting Practice (GAAP) and International Financial Reporting Standards (IFRS).

Click on any of the links below to learn more about that part of the Act.