CERTYNEX IFRS ACADEMY

Opale SA is 90% owned by Groupe Nacre; the other shareholders have been told that Opale will not present consolidated financial statements and have not objected. Opale's securities are not traded in a public market, Opale has filed nothing with a regulator for a public issue, and Groupe Nacre publishes consolidated financial statements that comply with IFRS and are available for public use. Opale controls several subsidiaries. What is concluded?

Opale must consolidate, because a parent partly owned by other shareholders cannot benefit from the exemption.

Opale must consolidate, because holding subsidiaries requires consolidated statements whatever the exemption conditions.

Opale must consolidate, because the information given to the other shareholders must take the form of their written agreement.

Opale meets all the exemption conditions: it is not required to present consolidated financial statements.