Completion Balance Sheet. 5.1 Subject to clauses 5.2 and 5.3, the Buyer shall prepare a consolidated balance sheet of the Company as at 20 March 2000: 5.1.1 so as to comply with all legal requirements (including FRSs) then applying; and 5.1.2 otherwise in accordance with the same accounting policies, standards, principles, bases and methods as were applied in preparation of the Last Accounts. 5.2 The Sellers shall promptly and at their own cost provide all such assistance and explanations as the Buyer and its agents may reasonably require in connection the preparation of the Completion Balance Sheet. 5.3 The Buyer shall within 60 days of Completion prepare a draft of the Completion Balance Sheet (the "Buyer's Draft") and shall deliver a copy of it to the Sellers (or the Sellers' Accountants). 5.4 The Sellers shall review the Buyer's Draft and shall deliver to the Buyer within 21 days of the delivery to them of Buyer's Draft a report (the "Sellers' Report") signed by both Sellers setting out any matters of disagreement with the Buyer's Draft in sufficient detail to enable the Buyer to consider them. In the absence of a Sellers' Report being delivered by the Sellers to the Buyer within that period of 21 days, the Buyer's Draft shall be deemed to be agreed by all parties. All the items in the Buyer's Draft which are not specified in the Sellers' Report as being subject to disagreement shall be deemed to be agreed by the parties. 5.5 If and to the extent that any matter of disagreement in the Sellers' Report varies from the matter as stated in the Buyer's Draft, the matter in dispute shall (if not resolved between the parties) be referred to a firm of chartered accountants, nominated jointly by the Sellers and the Buyer or, failing nomination within 14 days after request by either the Sellers or the Buyer, nominated at the request of either party by the president of the Institute of Chartered Accountants in
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Completion Balance Sheet. 5.1 Subject to clauses 5.2 and 5.3The Purchaser shall procure that within thirty (30) days after the date of Completion, the Buyer shall Company and the Vendors' Accountants will prepare a consolidated balance sheet draft Completion Balance Sheet and a draft statement of the Adjusted Net Assets of the Company as at 20 March 2000and submit the same for approval to the Vendors, the Purchaser and the Purchaser's Accountants.
5.2 The Completion Balance Sheet shall be prepared:
5.1.1 so 5.2.1 on the basis of the historical cost convention as modified by the revaluation of certain fixed assets;
5.2.2 using the specific accounting policies specified in Schedule 10 and (subject to comply with all legal requirements the provisions of Schedule 10) generally accepted United Kingdom accounting principles (including FRSs) then applyingall relevant Statements of Standard Accounting Practice issued by the Accounting Standards Committee, Financial Reporting Standards issued by the Accounting Standards Board, and any applicable pronouncements of the Urgent Issues Task Force of the Accounting Standard Board); and
5.1.2 otherwise 5.2.3 subject to the preceding provisions of this Clause 5.2, in accordance a manner consistent with the same accounting procedures and policies, standards, principles, bases and methods as were applied of valuation adopted in the preparation of the Last Accounts.
5.2 The Sellers shall promptly 5.3 Within thirty (30) days of receipt by the Vendors, the Purchaser and at their own cost provide all such assistance and explanations as the Buyer and its agents may reasonably require in connection the preparation Purchaser's Accountants of the draft Completion Balance Sheet.
5.3 The Buyer shall within 60 days of Completion prepare a , the Purchaser and the Vendors will inform each other in writing whether or not in their opinion the draft of the Completion Balance Sheet (the "Buyer's Draft") and shall deliver a copy of it to the Sellers (or the Sellers' Accountants).
5.4 The Sellers shall review the Buyer's Draft and shall deliver to the Buyer within 21 days of the delivery to them of Buyer's Draft a report (the "Sellers' Report") signed by both Sellers setting out any matters of disagreement complies with the Buyer's Draft requirements of this Clause 5 and whether they agree with the draft statement of Adjusted Net Assets and, if not, shall specify in sufficient detail writing, so far as they are then reasonably able so to enable the Buyer to consider them. In the absence of a Sellers' Report being delivered by the Sellers to the Buyer within that period of 21 daysdo, the Buyer's Draft shall be deemed to be agreed by all parties. All the items in the Buyer's Draft amount and nature of any item which are not specified in the Sellers' Report as being subject to disagreement shall be deemed to be agreed by the parties.
5.5 If and to the extent that any matter of disagreement in the Sellers' Report varies from the matter as stated in the Buyer's Draft, the matter in dispute shall (if not resolved between the parties) be referred to a firm of chartered accountants, nominated jointly by the Sellers and the Buyer or, failing nomination within 14 days after request by either the Sellers or the Buyer, nominated at the request of either party by the president of the Institute of Chartered Accountants inthey do not
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