Paragraph 8 General rulesI1

United Kingdom

(1)

Subject to any provision for depreciation or diminution in value made in accordance with paragraph 9 or 10, the amount to be included in respect of any fixed asset shall be its cost unless it is valued in accordance with F1paragraph 13, 28, 31A, 31C or 31D.

(2)

(a)

Assets included in items D and E in Parts I and II of Schedule 2 shall be valued as fixed assets.

(b)

Other assets falling to be included in the balance sheet shall be valued as fixed assets where they are intended for use on a continuing basis in the normal course of the activities of the society or of the society and its subsidiary undertakings.

Annotations

Textual amendments

F1: Words in Sch. 7 para. 8(1) substituted (31.12.2004 with application in accordance with reg. 1(2) of the amending S.I.) by The Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2004 (S.I. 2004/3199), regs. 1(1), 8(1)(a)

Commencement

I1: Sch. 7 para. 8 in force at 27.3.1998, see reg. 1