SCHEDULES
C1C2SCHEDULE 29Gains and losses of a company from intangible fixed assets
Sch. 29 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 28 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
Part 1Introduction
6Reference to consolidated group accounts
1
In determining whether a company’s accounts are correct, reference may be made to any view as to—
a
the useful life of an asset, or
b
the economic value of an asset,
taken for the purposes of consolidated group accounts prepared for any group of companies of which the company is a member.
F22
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F12A
This paragraph does not apply if the consolidated group accounts—
a
are drawn up using a different accounting framework from that used for the company's individual accounts, and
b
as a result, are prepared on a basis that, in relation to the matters mentioned in sub-paragraph (1), substantially diverges from the basis used in the company's individual accounts.
3
This paragraph does not apply if or to the extent that the consolidated group accounts are prepared—
a
in accordance with the requirements of the law of a country outside the United Kingdom, and
b
on a basis that, in relation to the matters mentioned in sub-paragraph (1), substantially diverges from generally accepted accounting practice.
Sch. 29 applied (with modifications) (15.8.2002) by S.I. 2002/1967, regs. 3-6