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Financial Reporting Act 2013

Preliminary provisions

7: Meaning of group financial statements

You could also call this:

"What 'group financial statements' means in simple terms: financial info about a group at a certain time"

Illustration for Financial Reporting Act 2013

When you hear the term group financial statements, it refers to the financial information of a group at a specific point in time, called the balance date. This information is presented in statements that must be prepared according to certain financial reporting standards. You will also find notes that give more details about these statements, and these notes are required by the financial reporting standards.

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"What financial statements are and what they include"

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Part 1Preliminary provisions

7Meaning of group financial statements

  1. In this Act, group financial statements, in relation to a group and a balance date,—

  2. means the statements for the group as at the balance date, or in relation to the accounting period ending at the balance date, that are required to be prepared in respect of the group by an applicable financial reporting standard; and
    1. includes any notes giving information relating to those statements that are required by an applicable financial reporting standard.