Paragraph 1 Accounting policies

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Sch.4, para 3 revoked by Building Societies (Accounts and Related Provisions) 1991
Sch.4, para 4(19) added by Building Societies (Accounts and Related Provisions) 1991
Sch.4, paras 5(2), 6(1) amended by Building Societies (Accounts and Related Provisions) 1991
Sch.4, para 17(4) added by Building Societies (Accounts and Related Provisions) 1991

The accounting policies adopted by the society in determining the amounts to be included in respect of items shown in the balance sheet and in determining the income and expenditure and the source and application of funds of the society shall be stated, and that statement will include at least a statement of the policies in respect of—

(a)

the depreciation and diminution in value of assets,

(b)

the translation of amounts denominated in foreign currencies (if applicable),

(c)

the accounting for and valuation of UK Government and other securities,

(d)

the valuation of investment properties (if applicable), and

(e)

the provision for losses on advances and loans,

and where any policy stated under this paragraph or any practice used in preparing the annual accounts departs from generally accepted accounting principles or practice, there shall be a statement of the reasons for the departure.