Companies Act (Cap. 386), article 171

171. (1) Consolidated accounts shall comprise the consolidated balance sheet as at the last day of the accounting period to which these refer, the consolidated profit and loss account for that period, the notes to the consolidated accounts and any other financial statements which may be required by generally accepted ac cou nti ng p ri nci pl es an d practice. T hese d ocuments sha ll constitute a composite whole. (2) Without prejudice to articles 170, 173 and 174, and to the provisions of article 2(2) and the Ninth Schedule, insofar as may be relevant to articles 170, 173 and 174, the consolidated accounts shall be drawn up in accordance with generally accepted accounting principles and practice and the provisions of this Act includi ng, where applicable, the requ irements of the Third Schedule: Provided that the disclosure in indent (ii) of sub-paragraph (1) of paragraph 3 of Part I of the Third Schedule shall apply to the consolidated accounts as if the undertakings included in the consolidation were a single company and the disclosures in indents (iv) and (vi) of sub-paragraph (1) of paragraph 2 of Part II of the Third Schedule shall apply to the consolidated accounts. (3) Consolidated accounts shall give a true and fair view of the assets, liabilities, financial position and profit or loss of the u n d e r t a k i n g s i n c l u d e d t h e r e i n t a k e n a s a w h o l e . Where the application of the provisions of this Act would not be sufficient to give a true and fair view of the assets, liabilities, financial position and profit or loss of the undertakings included therein taken as a whole, such additional information as is necessary to comply with such requirement shall be given in the notes to the consolidated financial statements. (4) Deleted by Act XVIII.2025.18. (5) Where in exceptional cases the application of a provision of this Act is incompatible with the obligation for the consolidated accounts to give a true and fair view, that provision shall be departed from in order to give a true and fair view. Any such departure shall be disclosed in the notes to the consolidated accounts together with an explanation of the reasons for it and a statement of its effect on the assets, liabilities, financial position and profit and loss. Responsibility and liability for drawing up and publishing the financial statements and the directors’ report. Substituted by: XXXI. 2015.9. Amended by: XVIII.2025.20.