(1) The directors of a company shall prepare entity financial statements for the company in respect of each financial year of it.
(2) The entity financial statements prepared under this section shall be the statutory financial statements of a company that does not prepare group financial statements under section 293.
(3) Subject to subsections (5) to (8) and section 296, a company's entity financial statements shall be prepared either (as the company elects) in accordance with -
(a) section 291, or
(b) international financial reporting standards and section 292.
(4) Entity financial statements prepared in accordance with -
(a) section 291 shall be known, and are in this Act referred to, as "Companies Act entity financial statements" - and this also applies in any ensuing case where preparation of such statements in accordance with that section is obligatory, or
(b) international financial reporting standards and section 292 shall be known, and are in this Act referred to, as "IFRS enti
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