Section 380 CAMA 2020

Section 380 Companies and Allied Matters Act is about Form and content of group financial statements. First Schedule. It is under Chapter 14 (Financial statements, audit and accounting records) of the Act.

(1) The group financial statements of a holding company shall comply with the requirements of the First Schedule to this Act, so far as applicable to group financial statements in the form in which those accounts are prepared with respect to the form and content of those statements and any additional information to be provided by way of notes to those accounts.

(2) Group financial statements together with any notes thereon shall give a true and fair view of the state of affairs and profit or loss of the company and the subsidiaries dealt with by those statements as a whole.

(3) Subsection (2) overrides—

(a) the requirements of the First Schedule to this Act ; and

(b) all the requirements of this Act as to the matters to be included ingroup financial statements or in notes to those statements and accordingly subsections (4) and (5) shall have effect.

(4) If group financial statements are not in accordance with the requirements of this Act by not providing sufficient information in compliance with subsection (2), any necessary additional information shall be provided in,or in a note to, the group financial statements.

(5) If, owing to special circumstances in the case of any company,compliance with any such requirements in relation to its group financial statements would prevent the statements from complying with subsection (2),(even if additional information were provided in accordance with subsection(4)), the directors may depart from that requirement in preparing the group financial statements.