Misunderstanding the exemptions from preparing consolidated financial statements and undergoing a compilation and group audit can lead to substantial and avoidable costs in both time and money.
In May 2026 the accounting standard setters proposed an amendment to IFRS for SMEs which affects the exemption requirements for preparing consolidated financial statements.
The million-dollar question we want to ask and answer in this training session is: When can a business avoid preparing consolidated financial statements, whether using IFRS or IFRS for SMEs?
- Identify and simplify the IFRS and IFRS for SMEs requirements for determining when consolidated financial statements need to be prepared, respectively
- Explain the exemptions from consolidation for IFRS and IFRS for SMEs
- Clarify the 2026 proposed amendments to IFRS for SMEs consolidation exemption requirements
- Help you understand whether a company must prepare consolidated or standalone financial statements for purposes of the Companies Act section 30 Annual Financial Statements requirements
Financial accountants
Audit managers and partners
