1984 Ed.]
Companies
[CAP. 32
123
(a) a consolidated balance sheet dealing with the state of affairs of the company and all the subsidiaries to be dealt with in group accounts;
(b) a consolidated profit and loss account dealing with the profit or loss of the company and those subsidiaries.
(2) If the company's directors are of opinion that it is better for the purpose-
(a) of presenting the same or equivalent information about the state of affairs and profit or loss of the company and those subsidiaries; and
(b) of so presenting it that it may be readily appreciated by the company's members,
the group accounts may be prepared in a form other than that required by subsection (1), and in particular may consist of more than one set of consolidated accounts dealing respectively with the company and one group of subsidiaries and with other groups of subsidiaries, or of separate accounts dealing with each of the subsidiaries, or of statements expanding the information about the subsidiaries in the company's own accounts, or any combination of those forms.
(3) The group accounts may be wholly or partly incorporated in the company's own balance sheet and profit and loss account.
(Replaced, 80 of 1974, s. 12)
126. (1) The group accounts laid before a company shall give a true and fair view of the state of affairs and profit or loss of the company and the subsidiaries dealt with thereby as a whole, so far as concerns members of the company.
(2) Where the financial year of a subsidiary does not coincide with that of the holding company, the group accounts shall, unless the Financial Secretary on the application or with the consent of the holding company's directors otherwise directs, deal with the subsidiary's state of affairs as at the end of its financial year ending with or last before that of the holding company, and with the subsidiary's profit or loss for that financial year.
(3) Without prejudice to subsection (1), the group accounts, if prepared as consolidated accounts, shall comply with the requirements of the Tenth Schedule, so far as applicable thereto, and if not so prepared shall give the same or equivalent information:
Provided that the Financial Secretary may, on the application or with the consent of a company's directors, modify the said requirements in relation to that company for the purpose of adapting them to the circumstances of the company.
(Replaced, 80 of 1974, s. 12)
127. (1) A holding company's directors shall secure that except where in their opinion there are good reasons against it, the financial year of each of its subsidiaries shall coincide with the company's own financial year.
Contents of group accounts. 1948 c. 38, s. 152.
Tenth Schedule.
Financial year of holding company and subsidiary. 1948 c. 38, s. 153.
1984 Ed.]
Companies
[CAP. 32
123
(a) a consolidated balance sheet dealing with the state of affairs of the company and all the subsidiaries to be dealt with in group accounts;
(b) a consolidated profit and loss account dealing with the
profit or loss of the company and those subsidiaries.
(2) If the company's directors are of opinion that it is better for the purpose-
(a) of presenting the same or equivalent information about the state of affairs and profit or loss of the company and those subsidiaries; and
(b) of so presenting it that it may be readily appreciated by the
company's members,
the group accounts may be prepared in a form other than that required by subsection (1), and in particular may consist of more than one set of consolidated accounts dealing respectively with the com- pany and one group of subsidiaries and with other groups of sub- sidiaries, or of separate accounts dealing with each of the subsidiaries, or of statements expanding the information about the subsidiaries in the company's own accounts, or any combination of those forms.
(3) The group accounts may be wholly or partly incorporated in the company's own balance sheet and profit and loss account.
(Replaced, 80 of 1974, s. 12)
126. (1) The group accounts laid before a company shall give a true and fair view of the state of affairs and profit or loss of the company and the subsidiaries dealt with thereby as a whole, so far as concerns members of the company.
(2) Where the financial year of a subsidiary does not coincide with that of the holding company, the group accounts shall, unless the Financial Secretary on the application or with the consent of the holding company's directors otherwise directs, deal with the sub- sidiary's state of affairs as at the end of its financial year ending with or last before that of the holding company, and with the subsidiary's profit or loss for that financial year.
(3) Without prejudice to subsection (1), the group accounts, if prepared as consolidated accounts, shall comply with the require- ments of the Tenth Schedule, so far as applicable thereto, and if not so prepared shall give the same or equivalent information:
Provided that the Financial Secretary may, on the application or with the consent of a company's directors, modify the said require- ments in relation to that company for the purpose of adapting them to the circumstances of the company.
(Replaced, 80 of 1974, s. 12)
127. (1) A holding company's directors shall secure that except where in their opinion there are good reasons against it, the financial year of each of its subsidiaries shall coincide with the company's own financial year.
Contents of group accounts. 1948 c. 38, s. 152.
Tenth Schedule.
Financial year of holding company and subsidiary. 1948 c. 38, s. 153.
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