Common use of Completion Accounts Clause in Contracts

Completion Accounts. 8.1 After Completion the Seller shall (at its cost) ensure that the Seller's Accountants prepare a consolidated profit and loss account of the Group for the period starting on the day after the Balance Sheet Date and ending on the date of Completion and a consolidated balance sheet of the Group and of the business as at the date of Completion and all attached notes. 8.2 The profit and loss account, the balance sheet and notes referred to in clause 8.1 shall be prepared on bases consistent with the 1998 Accounts using the same accounting principles, policies and practices, and in accordance with the law and applicable Accounting Standards, principles and practices generally accepted in the United Kingdom (and where appropriate) the Republic of Ireland as if they were (in the case of the Company Accounts) accounts required to be prepared under the Act and (where appropriate) the Irish Companies Act and (in the case of the Partnership Accounts) accounts of a partnership trading in the United Kingdom. In preparing the profit and loss account, balance sheet and notes, no account is to be taken of an event taking place after Completion and regard is only to be had to information available to the parties as at Completion. No revaluation of an asset of a Group Company or of the Northern Ireland Business made since the Balance Sheet Date is to be reflected in the balance sheet.