Paragraph 2
England, Wales and Scotland
The consolidated balance sheet and profit and loss account shall incorporate in full the information contained in the individual accounts of the undertakings included in the consolidation, subject to the adjustments authorised or required by the following provisions of this Schedule and to such other adjustments (if any) as may be appropriate in accordance with generally accepted accounting principles or practice.
If the financial year of a subsidiary undertaking included in the consolidation F1does not end with that of the parent company, the group accounts shall be made up—
from the accounts of the subsidiary undertaking for its financial year last ending before the end of the parent company’s financial year, provided that year ended no more than three months before that of the parent company, or
from interim accounts prepared by the subsidiary undertaking as at the end of the parent company’s financial year.
Annotations
Textual amendments
- F1
Words in Sch. 4A para. 2(2) substituted (2.2.1996) by S.I. 1996/189, reg. 14(2), Sch. 2 para. 3 (with reg. 16)
Notes on Schedule 4A
Textual amendments
- F1
Sch. 4A repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12)