Elimination of group transactions
This section has no associated Explanatory Memorandum
7.—(1) An acquisition must be accounted for—
(a)by the acquisition method of accounting, or
(b)if the generally accepted accounting principles under which the accounts have been prepared allow it to be accounted for by another method, by that method.
(2) If an acquisition is accounted for in accordance with sub-paragraph (1)(b), the method used must be disclosed in the notes to the accounts.