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Exemption from preparing a profit and loss account when consolidated financial statements are prepared
OmniPro comment
Where consolidated financial statements are prepared the Companies Act allows an exemption from the parent entity profit and loss account being disclosed. Where this exemption is taken the below disclosures should be included:
For Republic of Ireland Parent Company
‘Result attributable to XXX Limited
XXXX Limited has availed of the exemption contained in Section 304 of the Companies Act 2014 and as a result its profit and loss account has not been presented. XXX Limited’s profit for the year after tax was CUXXX (2014: CUXXX).
For UK Parent Company
‘Result attributable to XXX Limited
XXXX Limited has availed of the exemption contained in Section 408(3) of the Companies Act 2006 and as a result its profit and loss account has not been presented. XXX Limited’s profit for the year after tax was CUXXX (2014: CUXXX).
Principal exemptions
Section 35.9 makes it clear that if an entity treated a business as being discontinued under old GAAP which would not have been classed as discontinued under FRS 102, no retrospective adjustment should be applied, instead the rules under Section 5 are applied prospectively.
Although FRS 102 requires profit or loss and total comprehensive income to be allocated between non-controlling interest and owners of the parent, Section 35.9(e) states that this should be applied prospectively from the date of transition.
There are no other exemptions contained in Section 35 so all other parts of Section 5 must be applied retrospectively.
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