A parent need not prepare consolidated financial statements if (and only if) it meets all of the following conditions:
1. The Parent is Itself a Wholly-Owned Subsidiary: The parent is itself a wholly-owned subsidiary of another entity.
2. Partially Owned Subsidiary: The parent is a partially owned subsidiary of another entity and its other owners, including those not otherwise entitled to vote, have been informed about it and do not object to the parent not presenting consolidated financial statements.
3. Non-Publicly Traded Securities: Its securities (either debt or equity) are not publicly traded.
4. No Process of Public Offering: It is not in the process of issuing its securities in public securities market.
5. Ultimate Parent Consolidation: Its ultimate (or intermediate) parent publishes consolidated financial statements that comply with International Financial Reporting Standards (IFRS).