Regulations 4 and 5

General Rules

1.

(1) The consolidated income and expenditure account and the consolidated balance sheet must incorporate in full the information contained in the individual accounts of the subsidiaries included in the consolidation, subject to the adjustments authorised or required by the following provisions of this Schedule and to such other adjustments (if any) as may be appropriate in accordance with generally accepted accounting principles or practice.

(2) If the financial year of a subsidiary included in the consolidation differs from that of the society, the group accounts must be made up:

(a) from the accounts of the subsidiary for its financial year last ending before the end of the society’s financial year, provided that year ended no more than three months before that of the society; or

(b) from interim accounts prepared by the subsidiary as at the end of the parent society’s financial year.

2.