Article 19 - Financial Statements

For the purposes of this Law, Consolidated Financial Statements shall mean:

1. The financial statements prepared by an Entity in accordance with an Acceptable Financial Accounting Standard, in which the assets, liabilities, income, expenses and cash flows of that Entity and the Entities in which it has a controlling interest are presented as those of a single economic unit.

2. The financial statements of an Entity that have been prepared in accordance with an Acceptable Financial Accounting Standard, where the Entity meets the definition of a Group as specified under Paragraph B of Article 1 and prepares it in accordance with an Acceptable Financial Accounting Standard.

3. The financial statements that have been prepared subject to adjustments to prevent any material competitive distortions, if the Ultimate Parent Entity has financial statements referred to under Clause 1 or 2 of this paragraph, which were not prepared in accordance with an Acceptable Financial Accounting Standard.

4. Where the Ultimate Parent Entity does not prepare financial statements described in Clauses 1, 2, and 3, the Consolidated Financial Statements of the Ultimate Parent Entity are those that would have been prepared if such Entity was required to prepare such statements in accordance with an Authorised Financial Accounting Standard that is either an Acceptable Financial Accounting Standard or another financial accounting standard that is adjusted to prevent any material competitive distortions.

The Regulations shall prescribe the rules and controls necessary, including what constitutes a material competitive distortion, in a manner consistent with the Model Rules, administrative guidance, and commentary issued by the Organisation for Economic Co-operation and Development (OECD).