The proposed regulations do not actually require that material profit and loss statements be created prior to a demand or summons of the IRS if they are not otherwise maintained.
The material profit and loss statement is designed to furnish a segmented profit and loss statement that relates to certain product lines, products, or models, generally depending upon the statements otherwise maintained, the amount of sales, or assets used, or operating profit attributed to, the particular product line, product, or model.
If a profit and loss statement was prepared by any member of the related party group in the course of its business operations, that statement is material and is required to be available where the statement reflects to any extent the profit and loss of the related group attributable to U.
The significant industry segment test provides that a profit and loss statement of the related party group will be material where the following three conditions are present:
The statement would reflect the profit and loss of the related party group attributable to a "single industry segment," that is, a segment of the combined operations of the related group in providing groups of products (properly classified as a product line), products, or models
Unrealized gains and losses on these investments will be taken to reserves and only recognized through the Profit and Loss Account on sale or impairment of the investment.
Such reconciliations will also be presented in respect of the Profit and Loss Account, Balance Sheet and Cash Flow Statement for the year-ended December 31, 2004.
0 0 0 (Decrease)/increase in cash in the period (15,799) 8,616 37,563 (a) The adjustment relates to the restatement of the elements of the Profit and Loss Account at the exchange rate ruling at the period end.
Attestation by the Commissaires aux Comptes and Auditors on the Interim Report and the combined Balance Sheet, Profit and Loss Account and Cash Flow Statement
We have performed a limited review of the financial information contained in the Balance Sheet, Profit and Loss Account and Cash Flow Statement of the Eurotunnel Group (prepared as described in Note 1 to the Accounts) and of the Interim Report covering the period from January 1 to June 30, 1998.
We have no comments in respect of the sincerity of the information given in the attached combined Balance Sheet, Profit and Loss Account, Cash Flow Statement and Interim Report which describes Eurotunnel Group's operations in the period, its future prospects and the important events which have taken place during the six month period.