19(1)Where an undertaking included in the consolidation manages another undertaking jointly with one or more undertakings not included in the consolidation, that other undertaking (''the joint venture’’) may, if it is not—
(a)a body corporate, or
(b)a subsidiary undertaking of the parent company,
be dealt with in the group accounts by the method of proportional consolidation.
(2)The provisions of [F1this Schedule] relating to the preparation of consolidated accounts apply, with any necessary modifications, to proportional consolidation under this paragraph.
Textual Amendments
F1Words in Sch. 4A para. 19(2) substituted (1.3.1997) by S.I. 1997/220, reg. 7(10)(b)