# The Building Societies (Accounts and Related Provisions) Regulations 1992, Paragraph 11: Development costs


(1) Notwithstanding that amounts representing “development costs” may be included under Asset item 5 in Part I and Asset item 6 in Part II of Schedule 2, an amount may only be included in a society’s balance sheet in respect of development costs in accordance with generally accepted accounting principles.
(2) If any amount is included in a society’s balance sheet in respect of development costs, the following information shall be given in a note to the accounts—
(a) the period over which the amount of those costs originally capitalised is being or is to be written off, and
(b) the reasons for capitalising the development costs in question.

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Source: https://www.legislation.gov.uk/uksi/1992/359/schedule/7/paragraph/11 (the official version)
Page: https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1992/schedule-7/paragraph-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.