Part 15Accounts and reports
Chapter 4Annual accounts
Group accounts: general
407Consistency of financial reporting within group
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) does not require accounts of undertakings that are charities to be prepared using the same financial reporting framework as accounts of undertakings which are not charities.
5
Subsection (1)(a) does not apply where the directors of a parent company prepare IAS group accounts and IAS individual accounts.