SCHEDULES

F1F1SCHEDULE 2

Annotations:
Amendments (Textual)

Elimination of group transactions

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.