Schedule 2, Part III Accounting principles and valuation rules (paras. 9-26)

Regulation 3(4).

Accounting principles

General

9.

(1) In determining the amounts to be included in the group financial statements, the accounting principles and valuation rules contained in Part III of Schedule 1 shall apply and shall be applied consistently within those group financial statements.

(2) Subparagraph (1) shall not apply to those liabilities items the valuation of which, by the insurance undertakings included in group financial statements, is based on the application of provisions specific to insurance undertakings nor to those assets items changes in the values of which also affect or establish policyholders’ rights.

(3) Where subparagraph (2) applies, that fact shall be disclosed in the notes to the group financial statements.

10.

(1) Subject to subparagraph (2), a holding undertaking shall apply the same methods of valuation in drawing up its group financial statements as it applies in drawing up its entity financial statements.

(2) Subparagraph (1) shall not apply

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