+Article 24 7.

Article 24 7.

Consolidated financial statements shall show the assets, liabilities, financial positions, profits or losses of the undertakings included in a consolidation as if they were a single undertaking. In particular, the following shall be eliminated from the consolidated financial statements:

(a) 

debts and claims between the undertakings;

(b) 

income and expenditure relating to transactions between the undertakings; and

(c) 

profits and losses resulting from transactions between the undertakings, where they are included in the book values of assets.

1. Overview

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1.1 References

1.2 Identified Requirements

1.3 Related Standards

2. Identified Requirements

Requirements

3. Related Standards

Standards