Section 475 | Meaning of “non-consolidated subsidiary” and “consolidated subsidiary”

(1)An entity (“X”) is a “non-consolidated subsidiary” of another entity (“Y”) at any time (“the relevant time”) if—

(a)X is a subsidiary of Y at the relevant time, and

(b)if Y were required at the relevant time to measure its investment in X, it would be required to do so using fair value accounting ....

(2)An entity (“X”) is a “consolidated subsidiary” of another entity (“Y”) at any time if, at that time, X is a subsidiary, but not a non-consolidated subsidiary, of Y.

(3)In this section “subsidiary” has the meaning given by international accounting standards.

(4)For the purposes of this section, assume that all entities are subject to international accounting standards.

(5)This section has effect for the purposes of this Part.