The underlying profits of a member of a multinational group for an accounting period are to be adjusted so that they do not reflect relevant share acquisition adjustments.

“Relevant share acquisition adjustment” means a purchase accounting adjustment to the consolidated financial statements of an ultimate parent of a multinational group arising as a result of an entity becoming a member of the group as a result of the acquisition of F1ownership interests in the entity by an existing member of the group.

This section does not apply to a relevant share acquisition adjustment resulting from an acquisition of F2ownership interests before 1 December 2021 if F3the members of the group do not have sufficient records to identify the adjustment made with reasonable accuracy.