In this Chapter -
"foreign IIR election" means an election made in respect of an MNE group in connection with a tax equivalent to IIR top-up tax or UTPR top-up tax in another jurisdiction that is contained in a top-up tax information return submitted to - (a) a tax authority in that jurisdiction, and in relation to which information in the return about the election has been provided to the Revenue Commissioners under a qualifying competent authority agreement, or (b) the Revenue Commissioners;
"local accounting standard" means a financial accounting standard permitted or required to be used in the preparation of financial accounts under the law of the State that is an - (a) acceptable financial accounting standard, or (b) authorised financial accounting standard adjusted to prevent material competitive distortions;
"qualifying entity" shall be construed in accordance with section 111AAB;
"standalone financial statements" means - (a) financial statements of an entity prep
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