The group financial statements shall be prepared either in accordance with:
- Section 294 – known as “Companies Act group financial statements”
- 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 IFRS when preparing their group financial statements. The exceptions to this are listed groups who may only adopt full IFRS when preparing their consolidated financial statements and entities or groups not trading for the acquisition of gain for its members, who must prepare their group and/or entity financial statements in accordance with section 294 or Irish GAAP.
Companies Act group financial statements should comply with the provisions of Schedule 4 to the Act (Accounting Principles, Form and Content of Group Financial Statements) as regards the accounting principles to be applied, the form and content of the consolidated balance sheet and profit and loss account and any additional information to be provided in the notes.
IFRS group financial statements should comply with the provisions of the Act in full other than Schedules 3 and 4 (Accounting Principles, Form and Content of Entity/Group Financial Statements). IFRS group financial statements are required to comply with the requirements as set out in IFRSs.