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Amendment of section 293 of Principal Act
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19. Section 293 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “Subject to subsections (1A) and (9), where at the end of its financial year” for “Where at the end of its financial year”,
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(b) by the insertion of the following subsection after subsection (1):
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“(1A) A holding company that qualifies for the small companies regime or the micro companies regime shall be exempt from the requirements of subsection (1) but may, however elect to prepare group financial statements.”,
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(c) in subsection (3), by the substitution of “a company that is required to prepare group financial statements or has elected to prepare group financial statements” for “a company that is required to prepare group financial statements”,
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(d) in subsection (6), by the substitution of “Subject to subsection (6A), after the first financial year” for “After the first financial year”,
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(e) by the insertion of the following subsections after subsection (6):
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“(6A) After a financial year in which the directors of a holding company prepare IFRS group financial statements, the directors of the company may, notwithstanding that there is not a relevant change of circumstances as referred to in subsection (7), subsequently prepare Companies Act group financial statements for the company provided they have not changed to preparing Companies Act group financial statements in the period of 5 years preceding the first day of that financial year.
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(6B) For the purposes of calculating the 5 year period referred to in subsection (6A), the reference to 'changed to Companies Act group financial statements' shall not be read as including a reference to a change to using those financial statements which was due to a relevant change in circumstances.”,
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(f) in subsection (8)—
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(i) by the substitution of “Where Companies Act group financial statements are prepared in relation to a company in accordance with subsection (6A) or (7) as the case may be”, for “Where, following a relevant change of circumstances, Companies Act group financial statements are prepared in relation to a company”, and
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(ii) by the substitution of “subsections (6), (6A) and (7)” for “subsections (6) and (7)”,
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and
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(g) in subsection (9), by the deletion of paragraph (a).
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