Regulation 54 Amendments to Section C of Part 2 of Schedule 1 (alternative accounting rules: non-IAS individual accounts)

In Section C of Part 2 of Schedule 1 (alternative accounting rules: non-IAS individual accounts)—

(a)

in paragraph 32 (alternative accounting rules), omit sub-paragraphs (4) and (5);

(b)

in paragraph 34 (additional information to be provided in case of departure from historical cost accounting rule)—

(i)

in sub-paragraph (2), for “a note to the accounts” substitute “the note on accounting policies (see paragraph 44 of this Schedule)”; and

(ii)

for sub-paragraph (3) substitute—

“(3)
In the case of each balance sheet item affected, the comparable amounts determined according to the historical cost accounting rules must be shown in a note to the accounts.”; and

(c)

in paragraph 35(2) (revaluation reserve)—

(i)

after “revaluation reserve” insert “under “Members’ other interests””; and

(ii)

omit “, but need not be shown under that name”.