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Amendment of section 274 of Principal Act
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11. Section 274 of the Principal Act is amended, in subsection (1), in the definition of “profit and loss account” by the substitution of the following paragraph for paragraph (a):
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“(a) for the avoidance of doubt—
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(i) in the case where the financial statements are prepared in accordance with IFRS, the expression means a statement of profit or loss and other comprehensive income or equivalent term referred to in those standards, and
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(ii) in the case of a company not trading for the acquisition of gain by its members, the expression means an income and expenditure account, and references to—
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(I) a profit and loss account, and
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(II) in the case of group financial statements, a consolidated profit and loss account,
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shall be read accordingly, and”.
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