(1) Where a parent enterprise that is to draw up consolidated financial statements under the provisions of Title 1 is under obligation, according to Article 4 of the Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards (OJ L 243 of 11 September 2002, p. 1), last amended by Regulation (EC) No 297/2008 (OJ L 97 of 9 April 2008, p. 62), to apply the international accounting standards adopted pursuant to Articles 2, 3 and 6 of said Regulation, the sole provisions of Titles 2 to 8 having application will be section 294 (3), section 297 (1a) and (2) sentence 4, section 298 (1), the latter, however, only read in conjunction with sections 244 and 245, furthermore section 313 (2) and (3), section 314 (1) nos. 4, 6, 8 and 9 and (3) as well as the stipulations of Title 9 and the provisions established outside of this Subdivision that govern consolidated financial statements or the consolidated management report.
(2) Parent enterprises that are not governed by subsection (1) are to draw up their consolidated financial statements pursuant to the international accounting standards and provisions set out therein if, up until the respective balance sheet date, an application has been filed domestically on their behalf for the admission of a security within the meaning of section 2 (1) of the Securities Trading Act to trading on an organised market within the meaning of section 2 (11) of the Securities Trading Act.
(3) Parent enterprises that are not governed by subsection (1) or (2) may draw up their consolidated financial statements pursuant to the international accounting standards and provisions set out in subsection (1). An enterprise electing this reporting option is to follow, fully and completely, the standards set out in subsection (1).
Subdivision 3
Audit