Companies Act, 1973 (Act No. 61 of 1973)Chapter XI: Accounting and DisclosureAccounting by Holding Companies290. Group financial statements for limited interest companies |
| 1) | A limited interest company need not consolidate financial statement, if the directors of the company are of the opinion that the required information about the state of affairs, business and profit or loss of the company and its subsidiaries would be presented more effectively and meaningfully in the manner set out in subsection (2). |
| 2) | If consolidated annual financial statements are not made out, group annual financial statements may consist of- |
| a) | one set of consolidated annual financial statements dealing with the company and one group of subsidiaries and one or more sets dealing with other groups of subsidiaries; |
| b) | separate annual financial statements dealing with each of the subsidiaries; |
| c) | statements annexed to the company's own annual financial statements dealing with subsidiaries and their effect on the financial statements of the company; or |
| d) | any combination of the forms described in paragraph (a), (b) or (c). |
| 3) | Group financial statements may be wholly or partly incorporated in the company's own financial statements |