Section 475 | Meaning of “non-consolidated subsidiary” and “consolidated subsidiary” ^F1

(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 ....^F2

(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.^F3

(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.