Companies Act 2014 section 302

Exemption from consolidation where IFRS so permits

Section 302 provides that a holding company preparing its financial statements under International Financial Reporting Standards (IFRS) may be exempt from the requirement to prepare consolidated group financial statements, provided it meets the relevant conditions set out in IFRS.

• A holding company that prepares its financial statements under IFRS may qualify for an exemption from preparing group financial statements.
• The exemption applies only in the specific circumstances permitted by IFRS.
• The holding company must comply with the conditions set out in IFRS to avail of this exemption.
• This provision aligns the Companies Act 2014 with international accounting standards on consolidation exemptions.