(1) The Licensee shall -
(a) maintain for Other Business activities separate account records, such as amounts of any revenue, cost, asset, liability, reserve or provision which has been charged from or to any Other Business together with a description of the basis of that charge or determined by apportionment or allocation between the various business activities together with a description;
(b) prepare on a consistent basis from such records accounting statements, on the format given on Annexure– ‘B’ for each financial year comprising a profit and loss account, a balance-sheet and a statement of source and application of funds;
(c) provide in respect of the account statements prepared, a report by the Auditors in respect of each Financial Year, stating whether in their opinion the statements have been properly prepared and give a true and fair view of the revenue, costs, assets, liabilities, reserves reasonably attributable to the business to which the statements relate;
(d) submit to the Commission such information that is required to review the additional cost incurred by the licensee for Other Business; and
(e) submit copies of the accounting statements and Auditor’s report not later than six months after the close of the financial year to which they relate.
Compendium of HPERC Regulations, March 2021 3
(2) The licensee shall establish to the satisfaction of the Commission that the Other Business duly bear an appropriate share of overhead costs and other common costs.