Regulation 11 Amendment of Part 2 of Schedule 1 (accounting principles and rules)

in paragraph 19 (provisions for diminution in the value of assets), in sub-paragraph (1), after “set out in” insert “Section B of”;

in paragraph 21 (development costs), for sub-paragraph (1) substitute—

“(1)

Development costs may only in special circumstances be included in “other intangible assets” under “fixed assets” in the balance sheet formats set out in Section B of Part 1 of this Schedule.”;

in paragraph 26 (assets included at a fixed amount), for sub-paragraph (1) substitute—

“(1)

Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—

(a)

assets which fall to be included amongst the fixed assets of a company under the item “intangible assets”, and

(b)

raw materials and consumables within the item “stocks”.”; and

in paragraph 28 (purchase price or production cost of stocks and fungible assets), in sub-paragraph (1)(a), after “assets which” insert “, by virtue of regulation 3(1) and Section B of Part 1 of this Schedule,”.