S.I. No. 201/1992 - European Communities (Companies: Group Accounts) Regulations, 1992

• (2) The particulars of any transaction, arrangement or agreement referred to in those sections, entered into with a director of the parent undertaking by an undertaking proportionally consolidated in accordance with Regulations 32, or an associated undertaking, shall be similarly stated.

( b ) For the purposes of subparagraph (a), the information required by subparagraph (2) ( b ) (i) does not include such interests in the parent undertaking.

• (2) ( a ) The name and registered officer of the undertaking;

( b ) (i) the aggregate of the qualifying capital interests held in that undertaking by the undertakings dealt with in the group accounts as a proportion of the total of such interests,

• (ii) in this paragraph "qualifying capital interest" shall have the meanings assigned to it in Regulation 35, and

• (iii) for the purposes of this subparagraph, paragraph (4) of Regulation 35 shall apply in determining the percentage of qualifying capital interests held in the undertaking with share capital;

( c ) by virtue of which of the provisions of Regulation 4 has the undertaking been dealt with in the group accounts;

( d ) the information required by subparagraph (c) may be omitted where the undertaking has been dealt with in the group accounts by virtue of Regulation 4 (1) (a), and where the proportion of capital and the proportion of voting rights held are the same.

• (2) The information required by paragraph (1) shall also be stated in relation to associated undertakings, the interest in which has been dealt with in accordance with Regulation 33 (3).

• (2) The nature of the joint management of each joint venture proportionally consolidated shall also be stated.

• (2) There shall also be stated in relation to each undertaking of substantial interest, the amount of its capital and reserves and its profit or loss for its latest financial year for which accounts have been adopted.

• (3) The information required by subparagraphs (1) and (2) may be omitted, where for purposes of Regulation 14, it is of negligible importance.

• (4) The information concerning capital and reserves and the profit or loss required by subparagraph (2) may also be omitted where the undertaking concerned is not required to attach its balance sheet to its annual return and where the qualifying capital interest held as described in subparagraph (1) is less than 50 per cent.

• (5) For the purposes of this paragraph, paragraph (4) of Regulation 35 shall apply in determining the percentage of qualifying capital interests held in an undertaking with share capital.

GIVEN under my Official Seal, this 17th day of July, 1992.

DESMOND O'MALLEY,

Minister for Industry and Commerce.

EXPLANATORY NOTE.

The purpose of these Regulations is to give legal effect to a Council Directive (No. 83/349/EEC) on the coordination of national legislation on consolidated accounts.

The Regulations require Irish limited companies which have subsidiary undertakings to draw up group accounts comprising a consolidated balance sheet, a consolidated profit and loss account and notes to the accounts. The Regulations define when one undertaking is a subsidiary of another for the purposes of the preparation of the group accounts. They provide for exemptions from the requirement to prepare group accounts in particular circumstances and under specified conditions. They also allow the exclusion of some subsidiaries from the group accounts in certain specified circumstances.

The Regulations contain provisions governing the preparation of group accounts, the content of those accounts, their format and the valuation of items to be included therein. They also specify information to be included in the notes to the group accounts.

The Regulation stipulate what is to be included in the report of the directors of a parent undertaking and provide for the examination of such reports by the auditors to assess their consistency with the group accounts.

The Regulations also provide for the making available to the public of group accounts prepared in accordance with their provisions.

The Regulations contain some provisions relating to annual accounts which are consequential to the provisions of Council Directive 83/349.EEC.