Section 57 Meaning of “group”, “parent” etc

(1)

In this Part “group” means—

(a)

any entity which—

(i)

is a relevant entity (see section 58), and

(ii)

meets condition A or B (see subsections (2) and (3)), and

(b)

each subsidiary (if any) of the entity mentioned in paragraph (a).

(2)

Condition A is that the entity—

(a)

is a member of a GAAP group, and

(b)

is not a subsidiary of an entity that—

(i)

is a relevant entity, and

(ii)

itself meets condition A.

(3)

Condition B is that the entity is not a member of a GAAP group.

(4)

In this Part—

(a)

references to the “parent” of a group are to the entity mentioned in subsection (1)(a);

(b)

references to a “member” of a group are to an entity mentioned in subsection (1)(a) or (b);

(c)

“subsidiary” has the meaning given by the applicable accounting standards.

(5)

In this section “GAAP group” means a group within the meaning of the applicable accounting standards.

(6)

For the meaning of “the applicable accounting standards” see section 64.