Companies Act 2014 section 295

IFRS group financial statements

Section 295 sets out the requirements that must be met when the directors of a holding company choose to prepare group financial statements under International Financial Reporting Standards (IFRS), including disclosure obligations, equivalence with the true and fair view requirement, and the offences that apply for non-compliance.

• IFRS group financial statements must comply with all IFRS and include an unreserved statement in the notes confirming this, together with additional information required by the Companies Act (other than that required by Schedules 3, 3A, 4 and 4A)
• The IFRS requirement 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 294(2)
• The statements must disclose the holding company's name, legal form, place and number of registration, registered office address, and — if being wound up — the information required by section 595
• Failure to comply is a category 2 offence for the company and any officer in default, though it is a defence to show that a competent and reliable person had been delegated responsibility for compliance

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