34Business undertakings

## 34 Business undertakings (1) If at the end of a financial period a company has a right or interest in a business undertaking that is material to the company, the accounts of that company for that period must include a note stating: (a) the nature of that right or interest; and (b) if that undertaking is carried on through an unincorporated association, joint venture, partnership or trust that has a name — that name; and (c) the principal activities carried on during that period in the course of the undertaking; and (d) the amount and percentage of that right or interest in the undertaking; and (e) the method of accounting used to record that right or interest; and (f) the contribution of the undertaking to the profit or loss of the company; and (g) the value of products and services directly received by the company from the undertaking after allowing for costs incurred by the company in receiving those products and services. (2) If at the end of a financial period: (a) a company has rights or interests in more than one business undertaking; and (b) none of those rights or interests are material to the company individually but in total are material to the company; the accounts of the company for that period must include a note stating in summary form: (c) the principal activities carried on during that financial period in the course of those undertakings; and (d) the methods of accounting used to record those rights or interests, and for each of those methods, the amount at which those rights or interests are recorded in the books of the company; and (e) the total contribution of those undertakings to the profit or loss of the company; and (f) the total value of products and services directly received by the company from those undertakings after allowing for costs incurred by the company in receiving those products and services. (3) If at the end of a financial period: (a) an entity in an economic entity has a right or interest in a business undertaking that is material to the economic entity; or (b) 2 or more entities in an economic entity have rights or interests in a business undertaking that are in total material to the economic entity; the consolidated accounts for that period must include a note stating: (c) the nature of that right or interest; and (d) if the undertaking is carried on by means of or through an unincorporated association, joint venture, partnership or trust that has a name — that name; and (e) the principal activities carried on during that period in the course of the undertaking; and (f) the amount and the percentage of that right or interest in the undertaking; and (g) the method of accounting used to record that right or interest; and (h) the contribution of the undertaking to the profit or loss of the economic entity; and (j) the value of products and services directly received by the entity from the undertaking, after allowing for costs incurred by the entity in receiving those products and services. (4) If at the end of a financial period: (a) an entity in an economic entity has rights or interests in more than one business undertaking; and (b) none of those rights or interests is individually material to the entities in the economic entity, but the rights or interests are, in total, material to the economic entity; the consolidated accounts for that period must include a note stating in summary form: (c) the principal activities carried on during that financial period in the course of those undertakings; and (d) the methods of accounting used to record those rights or interests, and for each of those methods, the amount at which those rights or interests are recorded in the books of the corporation; and (e) the total contribution of those undertakings to the profit or loss of the economic entity; and (f) the total value of products and services directly received by the economic entity from those undertakings after allowing for costs incurred by the economic entity in receiving those products and services.