Section 72B Building Societies Act individual accountsF1

(1)

Building Societies Act individual accounts must comprise –

(a)

a balance sheet as at the last day of the financial year, and

(b)

an income and expenditure account.

(2)

The balance sheet must give a true and fair view of the state of affairs of the society as at the end of the financial year; and the income and expenditure account must give a true and fair view of the income and expenditure of the society for the financial year.

(3)

Building Societies Act individual accounts must comply with the requirements of regulations made under section 72C as to the form and content of the balance sheet and income and expenditure account and additional information to be provided by way of notes to the accounts or otherwise.

(4)

Where compliance with the provisions of those regulations, and the other provisions of this Act as to the matters to be included in a society’s individual accounts or in notes to those accounts, would not be sufficient to give a true and fair view, the necessary additional information must be given in the accounts or in a note to them.

(5)

If in special circumstances compliance with any of those provisions is inconsistent with the requirement to give a true and fair view, the directors must depart from that provision to the extent necessary to give a true and fair view.

(6)

Particulars of any such departure, the reasons for it and its effect must be given in a note to the accounts.

(7)

The Treasury may by regulations–

(a)

add to the classes of documents to be comprised in a society’s Building Societies Act individual accounts under subsection (1);

(b)

make provision as to the matters to be included in any document so added;

(c)

modify the requirements of this Part as to the matters to be stated in any document comprised in the society’s Building Societies Act individual accounts;

(d)

reduce the classes of documents to be comprised in a society’s Building Societies Act individual accounts.

(8)

Regulations under subsection (7)–

(a)

may make different provision for different descriptions of society, and

(b)

may include incidental and supplementary provisions.

(9)

The power to make regulations under subsection (7) is exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

Annotations

Textual amendments

F1: Ss. 72A-72I substituted for ss. 72, 73 (22.12.2004 with effect in accordance with art. 1(2) of the amending S.I.) by The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380), arts. 1, 2

Notes on Part VIII

Modifications

C1: Pt. VIII (ss. 71–82) excluded by S.I. 1986/2168, art. 12(1)(a)
C2: Pt. VIII (ss. 71–82) modified (temp.until 1.1.1993) by S.I. 1990/1392, art. 6(3)