Hi all,
I have a group that last year was medium but didn't need to consolidate due to the 2 year rule (i.e. it was the first year it breached). This year they are medium again and so need to consolidate.
Last year would be very difficult to consolidate and therefore would like to avoid if possible. Given that for last year the consolidation was not a requirement, is there any way we can avoid providing consolidated comparatives in this years accounts based on the fact that last year was exempt from consolidation?
Thanks
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Replies (3)
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If your group is not small then I assume that you have an audit requirement for the parent company's accounts. I don't see any way to not have comparatives in the consolidated statements whilst avoiding a qualified audit opinion.
No, and you should have anticipated this problem.
You must present comparatives that are also consolidated - in fact, unless you can avoid a cashflow (somehow) you will also need to do a prior year 2 consolidation to get the movements on your cashflow correct as well.