A Royal Decree of 18 January 2005 (NL / FR) allows companies to publish their consolidated financial statements in accordance with IFRS. For all quoted companies and non-quoted credit institutions and investment firms, the consolidation in IFRS is an obligation.
The obligation to prepare and file consolidated financial statements and consolidated annual reports is further governed by legal rules laid down in Articles 108 to 121 of the Companies Code (NL / FR), Articles 106 to 183 of the Royal Decree of 30 January 2001 (NL / FR) implementing the above Code and Article 11, §1 of the Law of 17 July 1975 (NL / FR) on company accounts.
Belgian companies are required to follow the Belgian accounting law (Belgian GAAP) in their annual statutory accounts and a priori in their consolidated accounts. However, for the preparation of the consolidated accounts, a Belgian quoted company must apply IFRS as adopted by the European Union. Other entities may also elect to use IFRS for their consolidated accounts, knowing that this choice is irreversible.
is required to prepare consolidated financial statements.
In Belgium, the two exceptions to the consolidation obligation are:
This exemption, in itself, does not impact the legal requirements to present consolidated financial statements (with a restricted number of notes) with the annual information to the works council.
The absence of consolidated financial statements based on the non-obligation (small group) or based on the sub-consolidation exemption should be mentioned in the statutory annual accounts of the company for the sub-consolidation exemption, together with:
Quoted companies, non-quoted credit institutions and invest firms must publish consolidated financial statements under IFRS as adopted by The European Union. Consolidation exemptions are governed by IAS 27.