Regulation 4 Amendments to Schedules 1, 2 and 3 to the Large and Medium-sized Companies Accounts Regulations

Schedule 1 (Companies Act individual accounts: companies which are not banking or insurance companies) to the Large and Medium-sized Companies Accounts Regulations is amended in accordance with paragraph (2).

In Section B of Part 2 (accounting principles and rules: historical cost accounting rules), in paragraph 20^f1 (fixed assets: rules for depreciation and diminution in value), after sub-paragraph (1) insert—

“(1A)

But provision made in accordance with paragraph 19(2) in respect of goodwill must not be written back to any extent.”.

Schedule 2 (banking companies: Companies Act individual accounts) to those Regulations is amended in accordance with paragraph (4).

In Section B of Part 2 (accounting principles and rules: historical cost accounting rules), in paragraph 26^f2 (fixed assets: rules for depreciation and diminution in value), after sub-paragraph (1) insert—

“(1A)

But provision made in accordance with paragraph 25(3) in respect of goodwill must not be written back to any extent.”.

Schedule 3 (insurance companies: Companies Act individual accounts) to those Regulations is amended in accordance with paragraph (6).

In Section D of Part 2 (accounting principles and rules: historical cost accounting rules), in paragraph 39 (valuation of assets: general rules), after sub-paragraph (1) insert—

“(1A)

But provision made in accordance with paragraph 38(2) or (3) in respect of goodwill must not be written back to any extent.”.