OpenLegislation

Paragraph 17 Provisions and reserves

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

(1)

Where any amount is transferred—

(a)

to or from any reserves,

(b)

to any provisions for liabilities and charges, or

(c)

from any provisions for liabilities and charges otherwise than for the purpose for which the provision was established,

and the reserves or provisions are shown or would but for Regulation 3(4) above be shown as separate items in the society’s balance sheet, the information required by the following subparagraph shall be given in respect of the aggregate of reserves or provisions included in items in the balance sheet to which any such transfer relates.

(2)

The information required by this subparagraph is—

(a)

the amount of the reserves or provisions as at the date of the beginning of the financial year and as at the balance sheet date respectively,

(b)

any amounts transferred to or from the reserves or provisions during that year, and

(c)

the source and application respectively of any amounts so transferred.

(3)

Particulars shall be given of each provision included in the item “Provisions for liabilities and charges” in the balance sheet.