# The Building Societies (Accounts and Related Provisions) Regulations 1992, Paragraph 5: Elimination of group transactions


(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 consolidated 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 subparagraph (2) may be effected in proportion to the society’s interest in the shares of the undertakings.
(4) Subparagraphs (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 for the society and its subsidiary undertakings as a whole of the matters set out in subsections (2), (3) and (4) of section 73 of the Act.

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Source: https://www.legislation.gov.uk/uksi/1992/359/schedule/4/paragraph/5 (the official version)
Page: https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1992/schedule-4/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.