# Building Societies Act 1986, Section 72I: Consistency of accounts

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

(1) The directors of a building society that prepares group accounts must secure that the individual accounts of–
(a) the building society, and
(b) each of its subsidiary undertakings,
are all prepared using the same financial reporting framework, except to the extent that in their opinion there are good reasons for not doing so.
(2) Subsection (1) only applies to accounts of subsidiary undertakings which are required to be prepared under Part 15 of the Companies Act 2006.
(3) Subsection (1) does not require accounts of undertakings that are charities to be prepared using the same financial reporting framework as accounts of undertakings which are not charities.
(4) Subsection (1)(a) does not apply where the directors of a building society prepare IAS group accounts and IAS individual accounts.
(5) The directors of a society which has subsidiary undertakings must secure that, except where in their opinion there are good reasons against it, the financial year of each of its subsidiary undertakings coincides with the society’s own financial year.

---
Source: https://www.legislation.gov.uk/ukpga/1986/53/section/72I (the official version)
Page: https://openlegislation.uk/building-societies-act-1986/section-72I
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.