Electronic and Postal Communications (Accounting Separation)
G.N. No. 426 (contd)
between the main business units for services the licensee provides to
itself and also disclose the equivalent transactions with competing
licensees.
(4) The separated accounts shall be prepared annually and
shall contain comparative information following the previous
period.
Presentation
of Financial
Statement
6.-(1) The licensee shall, for every business unit or
disaggregated activity submit to the Authority the
following(a) statement of comprehensive Income;
(b) statement of financial position; and
(c) notes of financial statements.
(2) The statement of comprehensive income shall disclose
revenues and operating costs.
(3) The profit s shall be stated before interest and tax.
(4) All accounts shall show any transfer charges to or from
other business unit or disaggregated activity.
(5) The licensee shall present current and non-current assets
and current and non-current liabilities as separate classifications in
its statements of financial position.
(6) A licensee shall, in addition to the requirements under
sub-regulation (1) submit to the Authority(a)
a statement of costs along with the reconciliation
between result calculated apportioning of costs in a
particular product or service;
(b)
reconciliation of the separated account to the
audited statutory accounts of the licensee;
(c) detail of significant changes in internal accounting
policies, and estimates together with reasons of
change if any.
(7) The reconciliation shall be made at the aggregated level
for both the financial position information and Profit and Loss
statement with any material reconciling item identified separately.
Audit of
separated
accounts
7.-(1) The separated accounts shall be subject to an
independent audit.
(2) The Licensee shall appoint auditors to carry out the
audit of the separated accounts and shall notify the Authority of such
139