Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 266

PART VI-ACCOUNTS AND AUDIT

Division 1-Preliminary

266. In this Part, unless the contrary intention appears-

''accounts'' means profit and loss accounts and balance-sheets and includes
statements, reports and notes, other than auditors' reports or directors'
reports, attached to or intended to be read with any of those profit and loss
accounts or balance-sheets;

''current liability'', in relation to accounts or group accounts, means a
liability that would in the ordinary course of events be payable within 12
months after the end of the financial year to which the accounts or group
accounts relate;

''group accounts'', in relation to a holding company, means-

   (a)  a set of consolidated accounts for the group of companies of that
        holding company;

   (b)  2 or more sets of consolidated accounts together covering that group;

   (c)  separate accounts for each corporation in that group; or

   (d)  a combination of one or more sets of consolidated accounts and one or
        more separate accounts together covering that group;

''group of companies'', in relation to a holding company, means the holding
company and the corporations that are subsidiaries of the holding company;

''holding company'' means a company that is the holding company of a
corporation;

''non-current liability'' means a liability that is not a current liability;

''the profit or loss'' means-

   (a)  in relation to a corporation that is not a holding company-the profit
        or loss resulting from operations of that corporation;

   (b)  in relation to a corporation that is a holding company of a group of
        companies for which group accounts are required-the profit or loss
        resulting from operations of that corporation;

   (c)  in relation to a corporation referred to in paragraph (b) and its
        subsidiaries-the profit or loss resulting from operations of the
        group of companies of which the corporation is the holding company;
        and

   (d)  in relation to a corporation that is a holding company of a group of
        companies for which group accounts are not required-the profit or loss
        resulting from operations of that corporation.