Publication

Where a company is required to prepare group financial statements for a financial year, Section 340(2) prohibits the publishing by the company of entity financial statements for that year unless they are combined with the group financial statements and published together as the statutory financial statements of the company. This differs to what was under…...

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Exemption from filing subsidary financial statements

A subsidiary undertaking of a holding company established in an EEA State may claim an exemption from filing its financial statements with the Registrar if it meets all of the conditions below. Section 357 sets out these conditions which are: Ref Detail Section 357 (1)(a)  All shareholders consent to the exemption being claimed Section 357 (1)(b)…...

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Exemptions from preparing group financial statements

Exemptions from preparing group financial statements Exemptions from the requirement to prepare group financial statements apply under financial reporting standards (FRSs and IFRSs) and the exemptions as set out in the Act (sections 297 to 303) essentially mirror these exemptions. New Irish GAAP or FRS 102, which is mandatory for accounting periods commencing on or…...

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Consistency of holding company and group financial statements

KnowledgeBase for Accountants: Consolidation Where a holding company prepares group financial statements there is a level of consistency that must be applied. For instance, the directors of the holding company should ensure the subsidiaries’ and the holding company’s financial statements: are prepared using the same financial reporting framework unless there are good reasons for not…...

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Group financial statements

KnowledgeBase for Accountants: Consolidation The group financial statements shall be prepared either in accordance with: Section 294 – known as “Companies Act group financial statements” or Section 295 – known as “IFRS group financial statements” which comply with International financial reporting standards.   Most companies have a choice of whether to adopt Irish GAAP or…...

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Holding company financial statements

KnowledgeBase for Accountants: Consolidation Where the parent company or a ‘holding company’  prepare group financial statements, the individual entity financial statements of the holding company shall be prepared in line with section 290 of the Act (obligation to prepare entity financial statements under relevant financial reporting framework) and they shall be included in the group…...

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