Paragraph 1 Accounting policiesI1
United Kingdom
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 F1and the balance sheet.
It shall be stated whether the accounts have been prepared in accordance with applicable accounting standards within the meaning of F2section 464(1) of the Companies Act 2006; particulars of any material departure from these standards and the reasons for such departure shall be given.
Annotations
Textual amendments
- F1
Words in Sch. 5 para. 1(1) substituted (23.3.1999) by The Building Societies (Contents of Accounts) Regulations 1999 (S.I. 1999/248), reg. 1, Sch. para. 13(1) (with reg. 4)
- F2
Words in Sch. 5 para. 1(2) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 9(7)
Commencement
- I1
Sch. 5 para. 1 in force at 27.3.1998, see reg. 1