Companies Act 2014 section 292

IFRS entity financial statements

Section 292 sets out the requirements that must be met when directors choose to prepare entity financial statements under International Financial Reporting Standards (IFRS), including mandatory disclosures, equivalence with the true and fair view requirement, and the offences that apply for non-compliance.

• IFRS entity financial statements must comply with all IFRS and include an unreserved statement in the notes confirming this, together with any additional information required by the Companies Act (other than that required by Schedules 3, 3A, 3B, 4, and 4A).
• The IFRS requirement for financial statements to present fairly the assets, liabilities, financial position, financial performance and cash flows is treated as equivalent to the true and fair view requirement under section 291(2).
• IFRS entity financial statements must also state the company's name, legal form, place and number of registration, registered office address, and — if the company is being wound up — the liquidation information required by section 595.
• Failure to comply is a category 2 offence for the company and any officer in default, including any shadow director or de facto director, although it is a defence to show that a competent and reliable person had been given responsibility for ensuring compliance and was in a position to carry out that duty.