‘Consolidated financial statements’ means:

(a)   the financial statements prepared by an entity in accordance with an acceptable financial accounting standard, in which the assets, liabilities, income, expenses and cash flows of that entity and of any entities which it controls are presented as those of a single economic unit;

(b)   for groups as defined in point 3(b), the financial statements prepared by a main entity in accordance with an acceptable financial accounting standard;

(c)   the financial statements that are not prepared by an ultimate parent entity in accordance with an acceptable financial accounting standard and that have been subsequently adjusted to prevent any material competitive distortions; or

(d)   where the ultimate parent entity does not prepare financial statements asdescribed in points (a), (b) or (c), the financial statements that would have been prepared if the ultimate parent entity was required to prepare such financial statements in accordance with:

(i)    an acceptable financial accounting standard; or

(ii)   another financial accounting standard and provided such financial statements have been adjusted to prevent any material competitive distortions.

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