Companies Act 1993

203 Recognition of financial reporting requirements of overseas countries
  • (1) Subsection (2) applies if the Registrar notifies a large overseas company (A) that the Registrar is satisfied that—

    • (a) the financial statements of A comply with the requirements of the law in force in the country where A is incorporated or constituted; and

    • (b) those requirements are—

      • (i) substantially the same as those of this Act; or

      • (ii) sufficiently equivalent, in relation to the quality of financial reporting they achieve, to the requirements of this Act.

    (2) The financial statements must be treated as complying with generally accepted accounting practice.

    (3) Subsection (4) applies if the Registrar notifies a large overseas company (A) that the Registrar is satisfied that—

    • (a) the group financial statements of the group that comprises A and its subsidiaries comply with the law in force in the country where A is incorporated or constituted; and

    • (b) those requirements are—

      • (i) substantially the same as those of this Act; or

      • (ii) sufficiently equivalent, in relation to the quality of financial reporting they achieve, to the requirements of this Act.

    (4) The group financial statements must be treated as complying with generally accepted accounting practice.

    Compare: 1993 No 106 ss 11(3), 14(5)

    Section 203: replaced, on 1 April 2014, by section 30 of the Financial Reporting (Amendments to Other Enactments) Act 2013 (2013 No 102).