A former loophole (now closed)that existed under the former s.9 of The Corporations Law:
A) required the preparation of one set of consolidated accounts for the group.
B) required the preparation of separate accounts for each body corporate in the group.
C) gave the choice of using full consolidation, proportional consolidation or the equity method of accounting.
D) gave the choice of one set, or two or more sets, of consolidated accounts; or separate accounts for each body corporate; or a combination.

Question

Quizplus · Accepted Answer

The former s.9 of The Corporations Law allowed for flexibility in how consolidated accounts were prepared, offering the choice of one or more sets of consolidated accounts, separate accounts for each body corporate, or a combination thereof.

A Former Loophole (Now Closed)that Existed Under the Former S