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Company Law Reform Bill [HL]

moved Amendment No. 301FA:"Page 164, line 25, leave out ““of the company”” and insert—" ““(a)   in the case of the company’s individual accounts, of the company; (b)   in the case of the company’s group accounts, of the group as a whole. In paragraph (b) ““the group”” means the company and its subsidiary undertakings included in the consolidation.”” The noble Lord said: Clause 366 reflects the principle that accounts should give a true and fair view of the company’s financial position. We have been asked whether there could be doubt as to whether the principle applies to a parent company’s individual accounts and its group accounts. We have always made it clear that it applies to both. There is no doubt about the meaning and intention of the clause. However, if there is any danger that anyone might question that, it seems sensible to remove that possibility. This does not otherwise change the purpose or effect of this clause. I beg to move. On Question, amendment agreed to. Clause 366, as amended, agreed to. Clauses 367 to 372 agreed to. Clause 373 [Exemption for company included in EEA group accounts of larger group]: