Companies Act (No. 17 of 1982)

Sri Lanka Consolidated Acts

Form of group accounts

147.

(1) Subject to the provisions of subsection (2), the group accounts laid before a holding company shall be consolidated accounts comprising-

	(a) a consolidated balance sheet dealing with the state of affairs of the 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 company and such subsidiaries.

(2) Where the company's directors are of opinion that it is better for the purpose-

	(a) of presenting the same or equivalent information about the state of affairs and profit or loss of the company and its subsidiaries ; and

	(b) of so presenting it that it may be readily appreciated by the company's members,

(3) The group accounts may be wholly or partly incorporated in the company's own balance sheet and profit and loss account.