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The Building Societies (Accounts and Related Provisions) Regulations 1998

S.I. 1998/504 · Made 3 March 1998 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 June 2022.

BUILDING SOCIETIES

Made 3rd March 1998

Laid before Parliament 5th March 1998

Coming into force 27th March 1998

The Building Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by sections 73(6), (7) and (8), 74(1), (2), (3), (4) and (6), 75(1) and 76(3) of the Building Societies Act 1986f1, and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1986 c. 53; sections 73, 74, 75 and 76 were amended by section 43 of, and Schedule 7 to, the Building Societies Act 1997 (c. 32).

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Annual accounts
  4. 4Group accounts: supplementary provisions
  5. 4AAccounts in euro
  6. 5Notes to annual accounts
  7. 6Holdings in undertakings Repealed
  8. 7Accounting principles and rules
  9. 8Directors' report
  10. 9Annual business statement
  11. 10Summary financial statement
  12. 11Interpretation of Schedules
  13. 12Transitional provisions
  14. 13Revocation
  15. Signature
  16. Schedule 1
  17. Part I: FORMAT OF SOCIETY INCOME AND EXPENDITURE ACCOUNT
  18. 1Paragraph 1
  19. 2Paragraph 2
  20. 3Paragraph 3
  21. 4Paragraph 4
  22. 5Paragraph 5
  23. 6Paragraph 6
  24. 7Paragraph 7
  25. 8Paragraph 8
  26. 9Paragraph 9
  27. 10Paragraph 10
  28. 11Paragraph 11
  29. 12Paragraph 12
  30. 13Paragraph 13
  31. 14Paragraph 14
  32. 15Paragraph 15
  33. 16Paragraph 16
  34. 17Paragraph 17
  35. 18Paragraph 18
  36. 19Paragraph 19
  37. 20Paragraph 20
  38. 21Paragraph 21
  39. 22Paragraph 22
  40. 23Paragraph 23
  41. 24Paragraph 24
  42. 25Paragraph 25
  43. Part II: FORMAT OF CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
  44. 1Paragraph 1
  45. 2Paragraph 2
  46. 3Paragraph 3
  47. 4Paragraph 4
  48. 5Paragraph 5
  49. 6Paragraph 6
  50. 7Paragraph 7
  51. 8Paragraph 8
  52. 9Paragraph 9
  53. 10Paragraph 10
  54. 11Paragraph 11
  55. 12Paragraph 12
  56. 13Paragraph 13
  57. 14Paragraph 14
  58. 15Paragraph 15
  59. 16Paragraph 16
  60. 17Paragraph 17
  61. 18Paragraph 18
  62. 19Paragraph 19
  63. 20Paragraph 20
  64. 21Paragraph 21
  65. 22Paragraph 22
  66. 23Paragraph 23
  67. 24Paragraph 24
  68. 25Paragraph 25
  69. 26Paragraph 26
  70. 27Paragraph 27
  71. 28Paragraph 28
  72. Part III: PROVISIONS APPLICABLE TO PARTS I AND II
  73. 1Paragraph 1
  74. 2Paragraph 2
  75. 3Paragraph 3
  76. 4Paragraph 4
  77. 5Paragraph 5
  78. 6Paragraph 6
  79. 7Paragraph 7
  80. 8Paragraph 8
  81. 9Paragraph 9
  82. 10Paragraph 10
  83. 11Paragraph 11
  84. 12Paragraph 12
  85. 13Paragraph 13
  86. Schedule 2
  87. Part I: FORMAT OF SOCIETY BALANCE SHEET
  88. AAssets
  89. 1Assets
  90. 2Assets
  91. 3Assets
  92. 4Assets
  93. 5Assets
  94. BAssets
  95. 1Assets
  96. 2Assets
  97. CAssets
  98. 1Assets
  99. 2Assets
  100. 3Assets
  101. 4Assets
  102. DAssets
  103. EAssets
  104. FAssets
  105. GAssets
  106. HAssets
  107. ALiabilities
  108. BLiabilities
  109. CLiabilities
  110. bLiabilities
  111. DLiabilities
  112. ELiabilities
  113. FLiabilities
  114. GLiabilities
  115. HLiabilities
  116. ILiabilities
  117. JLiabilities
  118. KLiabilities
  119. LLiabilities
  120. AMemorandum items
  121. BMemorandum items
  122. Part II: FORMAT OF CONSOLIDATED BALANCE SHEET
  123. AAssets
  124. 1Assets
  125. 2Assets
  126. 3Assets
  127. 4Assets
  128. 5Assets
  129. BAssets
  130. 1Assets
  131. 2Assets
  132. CAssets
  133. 1Assets
  134. 2Assets
  135. 3Assets
  136. 4Assets
  137. 5Assets
  138. DAssets
  139. EAssets
  140. FAssets
  141. GAssets
  142. HAssets
  143. ALiabilities
  144. BLiabilities
  145. CLiabilities
  146. DLiabilities
  147. ELiabilities
  148. FLiabilities
  149. GLiabilities
  150. HLiabilities
  151. ILiabilities
  152. JLiabilities
  153. KLiabilities
  154. LLiabilities
  155. MLiabilities
  156. AMemorandum items
  157. BMemorandum items
  158. Part III: PROVISIONS APPLICABLE TO PARTS I AND II
  159. 1Paragraph 1
  160. 2Paragraph 2
  161. 3Paragraph 3
  162. 4Paragraph 4
  163. 5Paragraph 5
  164. 6Paragraph 6
  165. 7Paragraph 7
  166. 8Paragraph 8
  167. 9Paragraph 9
  168. 10Paragraph 10
  169. 11Paragraph 11
  170. 12Paragraph 12
  171. 13Paragraph 13
  172. 14Paragraph 14
  173. 15Paragraph 15
  174. 16Paragraph 16
  175. 17Paragraph 17
  176. 18Paragraph 18
  177. Schedule 3 Repealed
  178. IFORMAT OF SOCIETY STATEMENT OF THE SOURCE AND APPLICATION OF FUNDS Repealed
  179. IIFORMAT OF CONSOLIDATED STATEMENT OF THE SOURCE AND APPLI CATION OF FUNDS Repealed
  180. Part III: PROVISIONS APPLICABLE TO PARTS I AND II Repealed
  181. 1Paragraph 1 Repealed
  182. 2Paragraph 2 Repealed
  183. 3Paragraph 3 Repealed
  184. 4Paragraph 4 Repealed
  185. Schedule 4: FORM AND CONTENT OF THE ANNUAL ACCOUNTS OF A GROUP ACCOUNTS SOCIETY
  186. 1General rules
  187. 2Paragraph 2
  188. 3Paragraph 3
  189. 4Paragraph 4
  190. 5Elimination of group transactions
  191. 6Acquisition accounting
  192. 7Paragraph 7
  193. 8Paragraph 8
  194. 9Paragraph 9
  195. 10Paragraph 10
  196. 11Paragraph 11
  197. 12Paragraph 12
  198. 13Paragraph 13
  199. 14Paragraph 14
  200. 15Minority interests
  201. 16Interests in subsidiary undertakings excluded from consolidation
  202. 17Foreign currency translation
  203. Schedule 5: NOTES TO ANNUAL ACCOUNTS
  204. 1Accounting policies
  205. 2Sums denominated in foreign currencies
  206. 3Employees Repealed
  207. 4Aggregate amount of directors' remuneration etc. Repealed
  208. 5Details of individual directors' remuneration etc. Repealed
  209. 6Excess retirement benefits of directors and past directors Repealed
  210. 7Compensation to directors for loss of office Repealed
  211. 8Sums paid to third parties in respect of directors' services Repealed
  212. 9Supplementary provisions regarding directors' remuneration Repealed
  213. 10Paragraph 10 Repealed
  214. 11Paragraph 11 Repealed
  215. 12Paragraph 12 Repealed
  216. 13Interpretation of provisions regarding directors' remuneration Repealed
  217. 14Other income and expenditure items
  218. 15Persons who are to be regarded as associates of a society’s auditors Repealed
  219. 16Taxation
  220. 17Miscellaneous matters
  221. 18Maturity analysis
  222. 19Provisions for bad and doubtful debts
  223. 20Transferable securities
  224. 21Fixed assets
  225. 22Reserves and provisions
  226. 23Subordinated liabilities
  227. 24Subscribed capital
  228. 25Fixed cumulative interest
  229. 26Details of assets charged
  230. 27Details of assets charged
  231. 28Guarantees and other financial commitments
  232. 29Memorandum items: subsidiary undertakings
  233. 30Leasing transactions
  234. 31Assets and liabilities denominated in a currency other than sterling
  235. 32Sundry assets and liabilities, prepayments and accrued income and accruals and deferred income
  236. 33Unmatured forward transactions
  237. 34Other miscellaneous matters
  238. 35Directors' loans and transactions Repealed
  239. 36Information about fair value of financial instruments
  240. 37Information where investment property and living animals and plants are included at fair value
  241. 38Related Party Transactions
  242. Schedule 6: NOTES TO ANNUAL ACCOUNTS: INFORMATION IN RESPECT OF HOLDINGS IN UNDERTAKINGS Repealed
  243. Part I: SOCIETIES NOT REQUIRED TO PREPARE CONSOLIDATED ACCOUNTS Repealed
  244. 1Subsidiary undertakings Repealed
  245. 2Holdings in subsidiary undertakings Repealed
  246. 3Financial information about subsidiary undertakings Repealed
  247. 4Financial years of subsidiary undertakings Repealed
  248. 5Significant holdings in undertakings other than subsidiary undertakings Repealed
  249. 6Significant holdings in undertakings other than subsidiary undertakings Repealed
  250. 7Significant holdings in undertakings other than subsidiary undertakings Repealed
  251. 8Construction of references to shares held by society Repealed
  252. Part II: SOCIETIES REQUIRED TO PREPARE CONSOLIDATED ACCOUNTS Repealed
  253. 9Subsidiary undertakings Repealed
  254. 10Holdings in subsidiary undertakings Repealed
  255. 11Financial information about subsidiary undertakings not included in the consolidation Repealed
  256. 12Associated undertakings Repealed
  257. 13Other significant holdings of society or group Repealed
  258. 14Other significant holdings of society or group Repealed
  259. 15Other significant holdings of society or group Repealed
  260. 16Other significant holdings of society or group Repealed
  261. 17Other significant holdings of society or group Repealed
  262. 18Other significant holdings of society or group Repealed
  263. 19Construction of references to shares held by society or group Repealed
  264. Part III: SUPPLEMENTARY PROVISIONS Repealed
  265. 20Paragraph 20 Repealed
  266. Schedule 7: ACCOUNTING PRINCIPLES AND RULES
  267. Part I: ACCOUNTING PRINCIPLES
  268. 1Paragraph 1
  269. 2Paragraph 2
  270. 3Paragraph 3
  271. 4Paragraph 4
  272. 5Paragraph 5
  273. 6Paragraph 6
  274. Part II: DEPARTURE FROM ACCOUNTING PRINCIPLES
  275. 7Paragraph 7
  276. Part III: FIXED ASSETS
  277. 8General rules
  278. 9General rules
  279. 10General rules
  280. 11Development costs
  281. 12Goodwill
  282. 13Financial fixed assets
  283. Part IV: CURRENT ASSETS
  284. 14Paragraph 14
  285. 15Paragraph 15
  286. Part V: OTHER ACCOUNTING RULES
  287. 17General rules
  288. 18General rules
  289. 19General rules
  290. 20General rules
  291. 20AGeneral rules
  292. 21Excess of money owed over value received as an asset item
  293. 22Determination of cost
  294. 23Determination of cost
  295. 24Determination of cost
  296. 25Substitution of original amount where cost unknown
  297. Part VI: ALTERNATIVE ACCOUNTING RULES
  298. 26Paragraph 26
  299. 27Paragraph 27
  300. 28Paragraph 28
  301. 29Paragraph 29
  302. 30Paragraph 30
  303. 31Paragraph 31
  304. Part 6A: Valuation at Fair Value
  305. 31AInclusion of financial instruments at fair value
  306. 31BMethods for determining fair value
  307. 31CHedged items
  308. 31DOther assets which may be included at fair value
  309. 31EAccounting for changes in value of financial instruments
  310. 31FThe fair value reserve
  311. Part VII: ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES
  312. 32Paragraph 32
  313. 33Paragraph 33
  314. Schedule 8: DIRECTORS' REPORT
  315. 1Miscellaneous
  316. 2Miscellaneous
  317. 3Land and buildings
  318. 4Political and charitable gifts
  319. 5Directors' interests
  320. 6Employee information
  321. 7Percentages
  322. 8Mortgage arrears
  323. 9Supplier payment policy
  324. 10New activities
  325. 11Financial risk management objectives and policies
  326. Schedule 9: ANNUAL BUSINESS STATEMENT
  327. 1Statutory percentages
  328. 2Other percentages
  329. 3Information relating to directors and other officers
  330. 4Information relating to directors and other officers
  331. Schedule 10: SUMMARY FINANCIAL STATEMENT
  332. Part I: FORMAT OF SUMMARY FINANCIAL STATEMENT (Building Societies Act accounts society)
  333. SECTION APRESCRIBED FORM OF STATEMENT FOR THE PURPOSES OF SECTION 76(4) OF THE ACT
  334. SECTION BSUMMARY DIRECTORS' REPORT
  335. SECTION CFORMAT OF SUMMARY STATEMENT
  336. SECTION DFORMAT OF SUMMARY OF KEY FINANCIAL RATIOS
  337. Part IA: Format of summary financial statement (IAS accounts society)
  338. SECTIONAPrescribed form of statement for the purposes of section 76(4) of the Act
  339. SECTIONBSummary Directors’ Report
  340. SECTIONCFormat of Summary Statement
  341. SECTIONDFormat of summary of key financial ratios
  342. Part II: PROVISIONS APPLICABLE TO PART I
  343. 1Paragraph 1
  344. 2Paragraph 2
  345. 3Paragraph 3
  346. 4Paragraph 4
  347. 5Paragraph 5
  348. 5AParagraph 5A
  349. 6Paragraph 6
  350. 7Paragraph 7
  351. 7AParagraph 7A
  352. 8Paragraph 8
  353. 9Paragraph 9
  354. 10Paragraph 10
  355. 11Paragraph 11
  356. Schedule 11: INTERPRETATION OF SCHEDULES
  357. 1Paragraph 1
  358. 2Balance sheet date
  359. 3Capital
  360. 4Leases
  361. 5Listed securities
  362. 6Loans
  363. 7Materiality
  364. 8Participating interest
  365. 9Provisions
  366. 10Scots land tenure
  367. 11Staff costs
  368. 12Amounts repayable
  369. 12AFinancial instruments
  370. 13Other defintions
  371. 14Paragraph 14
  372. Explanatory note