... accounting standards are made. The relevant standard, IAS 39, allows financial instruments to be valued at fair value where the information provided will be more relevant because fair valuation ... criteria. To qualify for audit exemption, a company must first qualify as small and then meet the turnover and balance sheet criteria. The qualification conditions and circumstances in which a company ... to accounts about related undertakings), with regulations 4 and 10 of, and Schedules 2 and 6 (Part 2) to, the Small Companies Regulations, and regulation 7 of, and Schedule 4 to, the Large and...