{
  "url": "https://openlegislation.uk/building-societies-contents-of-accounts-regulations-1999",
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  "id": "uksi/1999/248",
  "title": "The Building Societies (Contents of Accounts) Regulations 1999",
  "short_title": "Building Societies (Contents of Accounts) 1999",
  "long_title": "As from 23rd March 1999 building societies will become subject to the Accounting Standards Board’s Financial Reporting Standard 1. Most other corporate bodies have been subject to the Standard since 1992. It will require societies to produce a cash flow statement as part of their annual accounts. Failure to produce such statements is likely to result in a qualified audit opinion from societies' auditors. A cash flow statement provides information on cash generation and absorption. Its aim is similar to that of the statement of the source and application of funds which building societies have been required to prepare as part of their annual accounts under section 72(1) of the Building Societies Act 1986, and which the cash flow statement has effectively replaced in accounting practice. The statutory requirement for building societies to prepare a statement of the source and application of funds is therefore no longer needed and the requirement under the Standard to produce a cash flow statement will suffice.",
  "citation": "S.I. 1999/248",
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  "year": "1999",
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