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Amendment of section 317 of Principal Act
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33. Section 317 of the Principal Act is amended—
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(a) in subsection (1), by the substitution of “Subject to subsections (7) and (7A), the following information shall” for “The following information shall”, and
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(b) by the insertion of the following subsections after subsection (7):
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“(7A) (a) A company that qualifies for the small companies regime shall only be required to provide the information referred to in subsection (1) (a).
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(b) Where a company qualifies for the small companies regime but elects to prepare group financial statements—
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(i) those group financial statements shall contain the information required by subsection (1)(a) for the company and its subsidiary undertakings included in the consolidation taken as a whole, and
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(ii) subsections (5) and (6) have effect as if references in those subsections to the company were references to the company and its subsidiary undertakings included in the consolidation.
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“(7B) A company that qualifies for the micro companies regime shall be exempt from the requirements of this section.”.
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