Paragraph 66 Reserves and provisions

United Kingdom

(1)

Where any amount is transferred—

(a)

to or from any reserves;

(b)

to any F1provisions for other risks ; or

(c)

from any provisions for other risks otherwise than for the purpose for which the provision was established;

and the reserves or provisions are or would but for paragraph 2(3) above be shown as separate items in the company’s balance sheet, the information mentioned in the following sub-paragraph shall be given in respect of the aggregate of reserves or provisions included in the same item.

(2)

That information is—

(a)

the amount of the reserves or provisions as at the date of the beginning of the financial year and as at the balance sheet date respectively;

(b)

any amounts transferred to or from the reserves or provisions during that year; and

(c)

the source and application respectively of any amounts so transferred.

(3)

Particulars shall be given of each provision included in Liabilities item E.3 (other provisions) in the company’s balance sheet in any case where the amount of that provision is material.

Annotations

Textual amendments

F1: Words in Sch. 9A Pt. 1 para. 66(1)(b)(c) substituted (12.11.2004 with effect as mentioned in reg. 1(2) of the amending S.I.) by The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004 (S.I. 2004/2947), reg. 14(5), Sch. 6 para. 10

Notes on Schedule 9A

Textual amendments

F1: Sch. 9A repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 1 (with arts. 7, 12)
F2: Sch. 9A substituted (19.12.1993) by virtue of S.I. 1993/3246, regs. 4, 6, 7, Sch. 1