Electronic and Postal Communications (Accounting Separation)  G.N. No. 426 (contd)  (a) (b) (c) wholesale; retail; and other activities. (2) The licensee shall, in carrying out universal and non universal service obligation, maintain separated accounts for each. (3) The licensee shall in its separated account, provides the following (a) a statement of accounting policies applied, including cost conventions; (b) the names of business units and their disaggregated activities; (c) a statement of the basis of allocation and apportionment of revenue, operating costs and capital employed; (d) a summary of transfer charges made among, the separated business units and disaggregated activities. (4) The separated accounts shall clearly show the costs and revenues for each business unit or disaggregated activity. (5) The Authority may from time to time issue guidelines on issues regarding the following(a) regulatory accounting principles; (b) regulatory accounting conventions; (c) transfer charging; and (d) costing methodologies for accounting separation. Contents and structure of Separated Accounts 5.-(1) The licensee shall prepare separated accounts in accordance with(a) guidelines on accounting separation issued by the authority; and (b) International Financial Reporting Standards and International Accounting Standards. (2) The separated accounts shall disclose any differences between costs allocated to different activities by the licensee and the costs that the Authority allows for the purpose of determining charges. (3) The separated accounts shall include transfer charges 138