# The Building Societies (Accounts and Related Provisions) Regulations 1998, Paragraph 1: Accounting policies

Extent: E+W+S+N.I.

(1) There shall be stated the accounting policies (including such policies with respect to the depreciation and diminution in value of the assets of the society) adopted by the society in determining the amounts to be included in respect of items shown in the income and expenditure account and the balance sheet.
(2) It shall be stated whether the accounts have been prepared in accordance with applicable accounting standards within the meaning of section 464(1) of the Companies Act 2006; particulars of any material departure from these standards and the reasons for such departure shall be given.

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Source: https://www.legislation.gov.uk/uksi/1998/504/schedule/5/paragraph/1 (the official version)
Page: https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/schedule-5/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.