55. Section 357 of the Principal Act is amended, in subsection (1)—
(a) in paragraph (b), by the substitution of “commitments entered into by the company, including amounts shown as liabilities in the statutory financial statements” for “amounts shown as liabilities in the statutory financial statements”, and
(b) by the substitution of the following paragraph for paragraph (g):
“(g) the consolidated accounts of the holding undertaking are drawn up in accordance with the requirements of the Accounting Directive or in accordance with international financial reporting standards and are audited in accordance with Article 34 of that Directive; and”.
