(1) Subject to subsections (2) and (3), Companies Act group accounts prepared in accordance with sections 151 to 155 shall be group accounts comprising -
(a) a consolidated balance sheet dealing with the state of affairs of the parent company and all the subsidiaries to be dealt with in group accounts, and
(b) a consolidated profit and loss account dealing with the profit or loss of the parent company and those subsidiaries.
(2) Notwithstanding anything in section 150 or 150A, Companies Act group accounts prepared in accordance with this section -
(a) shall not be required where the company is, at the end of its financial year, the wholly owned subsidiary of another body corporate incorporated in the State, and
(b) need not deal with a subsidiary of the company where the company's directors are of the opinion that -
(i) it is impracticable, or would be of no real value to members of the company, in view of the insignificant amounts involved, or would involve expenses or delay out