Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Where a company
(in this subsection referred to as the holding company ) holds shares either
directly or through a nominee in a subsidiary company or in 2 or more
subsidiary companies: —
(a)
there shall be annexed to the profit and loss account of the holding company
required by section 126 —
(i)
a separate profit and loss account for each subsidiary
company drawn up in the manner hereinbefore prescribed for a profit and loss
account; or
(ii)
a consolidated profit and loss account of the holding
company and of its subsidiary companies drawn up as nearly as may be in the
manner hereinbefore prescribed for such an account and eliminating all
inter-company transactions — and in addition a statement
showing the total losses (if any) of the subsidiary company or companies;
and
(b)
there shall be annexed to the balance sheet of the holding company required by
section 126 —
(i)
a balance sheet of each subsidiary company drawn up in
the manner hereinbefore prescribed for a balance sheet; or
(ii)
a consolidated balance sheet of the holding company and
of its subsidiary companies drawn up as nearly as may be in the manner
hereinbefore prescribed for a balance sheet and eliminating all inter-company
transactions.
Provided that, in the
case of a subsidiary company incorporated outside of this State whether it has
or has not established a place of business in this State, it shall be
sufficient compliance with the provisions of this subsection if the separate
profit and loss account or the separate balance sheet (as the case requires)
of such subsidiary company is in such form and contains such particulars and
includes such documents (if any) as the company is required to make out and
lay before the company in general meeting by the law for the time being
applicable to such company in the country or State where it is incorporated;
and the provisions of this subsection in regard to the drawing up of
consolidated profit and loss accounts or of consolidated balance sheets (so
far as such accounts and balance sheets deal with profit and loss accounts or
balance sheets of such subsidiary company) shall with such adaptations as are
necessary be read and construed and have effect accordingly.
(2) If in the case of
a subsidiary company which is required to comply with this division the
auditor’s report on the balance sheet of the company does not state
without qualification that the auditors have obtained all the information and
explanations they have required and that the balance sheet is properly drawn
up so as to exhibit a true and correct view of the state of the
company’s affairs according to the best of their information and the
explanations given to them and as shown by the books of the company the
separate balance sheet of the subsidiary company or the consolidated balance
sheet of the holding company (as the case may be) shall contain particulars of
the manner in which the report is qualified.