{
  "url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/schedule-7/paragraph-4",
  "json_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998/schedule-7/paragraph-4.json",
  "legislation": "uksi/1998/504",
  "legislation_title": "The Building Societies (Accounts and Related Provisions) Regulations 1998",
  "legislation_url": "https://openlegislation.uk/building-societies-accounts-and-related-provisions-regulations-1998",
  "path": "schedule/7/paragraph/4",
  "kind": "paragraph",
  "number": "4",
  "heading": null,
  "text": "(1) The amount of any item shall be determined on a prudent basis, and in particular—\n(a) only profits realised at the date of the balance sheet shall be included in the income and expenditure account; and\n(b) all liabilities ... which have arisen ... in respect of the financial year to which the accounts relate or a previous financial year shall be taken into account, including those which only become apparent between the balance sheet date and the relevant date.\n(2) For the purposes of sub-paragraph (1), the relevant date is the date of signature of the balance sheet of the society on behalf of the board of directors under section 80 of the Act (signing of balance sheet and of documents).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 7 para. 4(1)(b) omitted (31.12.2004 with application in accordance with reg. 1(2) of the amending S.I.) by virtue of The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2004 (S.I. 2004/3199), regs. 1(1), 6"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 7 para. 4 in force at 27.3.1998, see reg. 1"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1998/504/schedule/7/paragraph/4",
    "retrieved_at": "2026-10-29T11:36:28.086103+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}