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9. In section 395(4) of the 2006 Act (circumstances in which company which has opted to prepare IAS individual accounts may prepare Companies Act individual accounts), after paragraph (a) insert—
“(aa)the company ceases to be a subsidiary undertaking,”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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