Companies Act 2014

295

IFRS group financial statements

295. (1) Where the directors of a holding company prepare IFRS group financial statements, they shall comply with all IFRS in that regard and—

(a) shall make an unreserved statement in the notes to those group financial statements that those financial statements have been prepared in accordance with international financial reporting standards, and

(b) shall ensure that those financial statements contain the additional information required by this Act, other than that F162[required by Schedules 3, 3A, 4 and 4A].

(2) For the avoidance of doubt, the requirement for group financial statements prepared in accordance with IFRS to present fairly the assets, liabilities, financial position, financial performance and cash flows is deemed to be equivalent to the true and fair view required by section 294(2).

F163[(2A) IFRS group financial statements shall state the following:

(a) the name and legal form of the holding company;

(b) the place of registration of the holding company and the number under which it is registered;

(c) the address of its registered office;

(d) where the holding company is being wound up, the information required by section 595.]

(3) If a company fails to comply with F164[subsection (1) or (2A)], the company and any officer of it who is in default shall be guilty of a category 2 offence.

(4) In any proceedings against a person in respect of an offence under subsection (3), it shall be a defence to prove that the defendant had reasonable grounds for believing and did believe that—

(a) a competent and reliable person was charged with the duty of ensuring that the provisions of the subsection concerned were complied with, and

(b) the latter person was in a position to discharge that duty.

(5) In subsection (3) “officer” includes any shadow director and de facto director.

Annotations

Amendments:

F162

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 21(a), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F163

Inserted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 21(b), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

F164

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 21(c), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

Modifications (not altering text):

C58

Section applied with modifications (1.01.2020) by European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019), reg. 14, in effect as per reg. 1(2), (3).

Application of section 295 of Principal Act

14. Section 295 of the Principal Act shall apply to a qualifying partnership as if -

(a) “partners in a holding undertaking that is a qualifying partnership” were substituted for “directors of a holding company”, and every subsequent reference to “the holding company” in that section were read accordingly, and

(b) subsection (2A) read:

“(2A) IFRS group financial statements shall state the following:

(a) the firm name of the qualifying partnership that is a holding undertaking;

(b) in relation to a limited partnership, the place of registration and the number under which it is registered;

(c) the address of the qualifying partnership’s principal place of business;

(d) where the qualifying partnership is being wound up under the Principal Act, the information required by section 595.”.

C59

Application of subs. (3) extended (1.01.2020) by European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019), reg. 42(1), (2), in effect as per reg. 1(2), (3).

Offences

42. (1) A qualifying partnership that fails to comply with any provision referred to in sections 291(9), 292(3), 294(9), 295(3), 324(6), 324(8), 355(7), 355(9), 356(5) or 1458(4) of the Principal Act as applied by these Regulations commits an offence.

(2) Where an offence under paragraph (1) is committed by a qualifying partnership and it is proved that the offence was committed with the consent or connivance, or was attributable to any wilful neglect, of a person who was -

(a) a member of the qualifying partnership,

(b) a director of such a member, or (c) a person purporting to act in either such capacity,

that person shall, as well as the qualifying partnership, be guilty of an offence and may be proceeded against and punished as if he or she were guilty of the first-mentioned offence.

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