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Parent Company Tax resident outside of Ireland

  • 09-09-2014 9:34pm
    #1
    Bakerman100
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi,

    I have a quick question that someone might be able to shed some light over. Basically I want to know what the financial statement disclosure requirements are in an Irish Subsidiarys accoounts, where the ultimate parent company is resident in the Caymen Islands. Is there anything within the FRS whish requires disclosure of the Parent companys residency. Any help or guidance on particular FRS would be appreciated.
    Tagged:


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    Bakerman100 wrote: »
    Hi,

    I have a quick question that someone might be able to shed some light over. Basically I want to know what the financial statement disclosure requirements are in an Irish Subsidiarys accoounts, where the ultimate parent company is resident in the Caymen Islands. Is there anything within the FRS whish requires disclosure of the Parent companys residency. Any help or guidance on particular FRS would be appreciated.

    From just taking a quick glance at IAS 24 Related Parties it states -
    "Relationships between a parent and its subsidiaries shall be disclosed irrespective of whether there have been transactions between them. An entity shall disclose the name of its parent and, if different, the ultimate controlling party. If neither the entity's parent nor the ultimate controlling party produces consolidated financial statements available for public use, the name of the next most senior parent that does so shall also be disclosed."

    From what I can see it doesn't mention anything specifically about country of residence of the ultimate parent company but I am open to correction as I have seen financial statements before where country of residence is mentioned.


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