(1) The directors of a parent company shall ensure that the individual accounts of -
(a) the parent company, and
(b) each of the subsidiary undertakings of the parent company,
are all prepared using the same financial reporting framework, except to the extent that in their opinion there are good reasons for not doing so, and those reasons are disclosed in the individual accounts of the parent company.
(2) Subsection (1) only applies to accounts of subsidiary undertakings that are required to be prepared under this Act.
(3) Subsection (1) does not apply:
(a) where the directors do not prepare group accounts for the parent company;
(b) to the accounts of undertakings to which section 148(3) applies.
(4) Subsection (1)(a) does not apply where the directors of a parent company prepare IFRS group accounts and IFRS individual accounts for the parent.