Group accounts shall show the assets, liabilities, state of affairs as at the end of the financial year and profit or loss of the parent undertaking and its subsidiary undertakings dealt with in the group accounts as if they were single undertaking. In particular:
(i) debts and claims between the undertakings dealt with in the group accounts shall be eliminated from those accounts,
(ii) income and expenditure relating to transactions between the undertakings dealt with in the group accounts shall be eliminated from those accounts,
(iii) where profits and losses resulting from transactions between the undertakings dealt with in the group accounts are included in the book values of assets, they shall be eliminated from those accounts.
(iv) paragraphs (i) to (iii) need not be complied with where the amounts involved are not material for the purpose of giving a true and fair view as required by Regulation 14.