134 Underlying profits as determined for statements of ultimate parent

134  Underlying profits as determined for statements of ultimate parent

(1)     The normal rule is that the underlying profits of a member of a multinational group, other than a member that is a permanent establishment, are the member's profits as they would be determined for that member in preparing consolidated financial statements for the ultimate parent.

(2)     But those profits may instead be determined on the basis of an alternative accounting standard, and information in the separate financial accounts of the member, if all of the conditions in subsection (3) are met.

(3)     Those conditions are that—

(a)     it is not reasonably practicable to determine those profits on the basis of

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