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Companies Act 1985

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Changes over time for: Paragraph 6

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Version Superseded: 06/04/2008

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Status:

Point in time view as at 22/11/2000. This version of this provision has been superseded. Help about Status

Changes to legislation:

There are currently no known outstanding effects for the Companies Act 1985, Paragraph 6. Help about Changes to Legislation

6(1)Debts and claims between undertakings included in the consolidation, and income and expenditure relating to transactions between such undertakings, shall be eliminated in preparing the group accounts.

(2)Where profits and losses resulting from transactions between undertakings included in the consolidation are included in the book value of assets, they shall be eliminated in preparing the group accounts.

(3)The elimination required by sub-paragraph (2) may be effected in proportion to the group’s interest in the shares of the undertakings.

(4)Sub-paragraphs (1) and (2) need not be complied with if the amounts concerned are not material for the purpose of giving a true and fair view.

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