Companies Act 2014 section 1376

Application of sections 290(7)(b), 293 and 362 to a traded company

Section 1376 deals with how certain financial reporting and audit exemption rules are modified when they apply to a traded company — that is, a company whose securities are admitted to trading on a regulated market in an EEA state.

• Section 290(7)(b) is modified so that it applies when a traded company ceases to have its securities admitted to trading on a regulated market in an EEA state.
• A traded company with securities trading on an EEA regulated market at its financial year end must prepare its group financial statements under international financial reporting standards (IFRS) — there is no option to use other frameworks.
• Group financial statements prepared under IFRS and section 295 are formally known as "IFRS group financial statements", and several subsections of section 293 (subsections (5) to (8)) are disapplied for traded companies.
• The audit exemption under sections 358 or 359 is not available to a designated activity company or a company limited by guarantee if it (or its holding company) is a traded company.