Common use of Management Accounts Clause in Contracts

Management Accounts. The Management Accounts: (a) have been prepared in good faith, are not misleading and fairly present in all material respects, and do not materially misstate: (i) the assets and liabilities of the member of the Groups as at the Management Accounts Date; and (ii) the profits and losses and, where applicable, cash flows of the member of the Groups for that period ending on the Management Accounts Date, using the same accounting policies as adopted in the Financial Statements applied on a consistent basis (except that the period end adjustments which would arise on an audit have not been made, but which should not have a material impact to the profit and loss or the financial position of the Group); and (b) as at the Management Accounts Date: (i) make full provision for all actual liabilities; (ii) disclose all contingent liabilities required to be disclosed by HKFRS; and (iii) make provision reasonably regarded as adequate for all bad and doubtful debts.

Management Accounts. The Management Accounts: (a) have been prepared in good faith, are not misleading and fairly present in all material respects, and do not materially misstate: (i) the assets and liabilities of the member of the Groups as at the Management Accounts Date; and (ii) the profits and losses and, where applicable, cash flows of the member of the Groups for that period ending on the Management Accounts Date, using the same accounting policies as adopted in the Financial Statements applied on a consistent basis (except that the period end adjustments which would arise on an audit have not been made, but which should not have a material impact to the profit and loss or the financial position of the Group); and (b) as at the Management Accounts Date: (i) make full provision for all actual liabilities; (ii) disclose all contingent liabilities required to be disclosed by HKFRSXXXXX; and (iii) make provision reasonably regarded as adequate for all bad and doubtful debts.