Regulation 2
Subject to paragraph (2) of this regulation, the group accounts of a society shall comprise—
a consolidated balance sheet which deals with the state of affairs of the society and the subsidiaries to be dealt with in the group accounts;
a consolidated revenue account which deals with the income and expenditure of the society and those subsidiaries.
If in the opinion of the committee of the society it is better for the purpose
of presenting the same or equivalent information about the state of affairs and income and expenditure of the society and those subsidiaries; and
of so presenting it that it may be readily appreciated by the society's members;
the group accounts may be prepared in a form other than that required by paragraph (1) of this regulation, and in particular may consist of more than one set of consolidated accounts dealing respectively with the society and one group of subsidiaries and with other groups of subsidiaries or of separate accounts dealing with each of the subsidiaries to be dealt with in the group accounts, or of statements expanding the information about those subsidiaries in the society's own accounts, or any combination of those forms.