A UK Ltd trading company with a year end of 31st Dec 2015 is a 100% subsidiary of a US parent company. The US parent is a company listed and traded on the NYSE.
The UK subsidiary will qualify as small under the new thresholds coming into effect in 2016 (10.2m t/over 5.1 m b/s etc.) and could adopt these new thresholds early and be considered a 'small company' for the 31st Dec 2015 year end.
Can the UK subsidiary prepare its 31st Dec 15 accounts under FRS 102 - 1A (for small cos)?
Or is it forced to use full FRS 102 because it's a member of an 'ineligible group' (due to the US parent being a traded PLC)?
Any help here would be appreciated. I cannot find a 100% conclusive answer to whether the UK sub would be in an ineligible group and hence excluded from the small companies regime because its parent is a US listed company. I understand that if it's excluded from the small company regime it must have an audit.
Any reference to legislation would also be appreciated.