171. Balance sheet date

Subject to the provisions of subsections (2)

A company shall not be required to have a balance sheet date in the calendar year in which it is incorporated, if its first balance sheet date is in the following calendar year and is not later than fifteen months after the date of its formation or incorporation.

Where a company changes its balance sheet date, it shall be required to have a balance sheet date in a calendar year if—

The Registrar may approve a change of balance sheet date for the purposes of subsection (3), with or without conditions.

Where a company changes its balance sheet date, the period between any two balance sheet dates shall not exceed fifteen months.

The adoption or change of a balance sheet date shall have effect upon receipt of a notice by the Registrar to that effect.

The board of a company shall ensure that, unless in the board’s opinion there are good reasons against it, the balance sheet date of each subsidiary of the company is the same as the balance sheet date of the company.

Where the balance sheet date of a subsidiary of a company is not the same as that of the company, the balance sheet date of the subsidiary for the purposes of any particular group financial statements, shall be that preceding the balance sheet date of the company.