Section 12: Separate accounts

12. Separate accounts (1) A licensee who is involved in more than one type of electricity service, or who provides more than one utility service shall keep separate accounts and prepare a separate accounting statement and balance sheet, in respect of each activity. (2) A licensee shall cause its accounts to be prepared— (a) in accordance with the International Accounting Standards; and (b) in accordance with any requirement which applies to the licensee’s financial statements under the Financial Reporting Act. (3) A licensee who conducts any business activity in addition to the provision of an electricity service shall keep separate accounts for those distinct activities.