OpenLegislation

The Friendly Societies (Accounts and Related Provisions) Regulations 1994

S.I. 1994/1983 · Made 20 July 1994 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 December 2020.

FRIENDLY SOCIETIES

Made 20th July 1994

Laid before Parliament 1st August 1994

Coming into force 1st September 1994

The Friendly Societies Commission, with the consent of the Treasury, in exercise of the powers conferred on it by sections 70 and 71 of, and paragraph 17 of Schedule 14 to, the Friendly Societies Act 1992f1, and of all other powers enabling it in that behalf, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1992 c. 40.

Contents

  1. Part I: PRELIMINARY
  2. 1Citation and commencement
  3. 2Interpretation
  4. 3Application
  5. Part II—: ACCOUNTS
  6. 4Annual accounts—single accounts society
  7. 5Annual accounts—group accounts society
  8. 6Content and form of accounts
  9. 7Group accounts—supplementary provisions
  10. 8Notes to annual accounts
  11. 9Associated bodies Repealed
  12. 10Accounting principles and rules
  13. 10AAccounts to have regard to substance of a transaction
  14. 11Annual accounts—non-directive society
  15. Part III—: COMMITTEE OF MANAGEMENT'S ANNUAL REPORT
  16. 12Committee of management’s annual report
  17. Part IV—: MISCELLANEOUS AND GENERAL
  18. 13Transitional provisions
  19. 14Interpretation of Schedules
  20. Signature
  21. Schedule 1
  22. Part I: INCOME AND EXPENDITURE ACCOUNT FORMAT
  23. Chapter I.: Technical account—General business
  24. 1Paragraph 1
  25. 2Paragraph 2
  26. 2aParagraph 2a
  27. 3Paragraph 3
  28. 4Paragraph 4
  29. 5Paragraph 5
  30. 6Paragraph 6
  31. 7Paragraph 7
  32. 8Paragraph 8
  33. 9Paragraph 9
  34. 10Paragraph 10
  35. Chapter II.: Technical account—Long term business
  36. 1Paragraph 1
  37. 2Paragraph 2
  38. 3Paragraph 3
  39. 4Paragraph 4
  40. 5Paragraph 5
  41. 6Paragraph 6
  42. 7Paragraph 7
  43. 8Paragraph 8
  44. 9Paragraph 9
  45. 10Paragraph 10
  46. 11Paragraph 11
  47. 11aParagraph 11a
  48. 12Paragraph 12
  49. 12aParagraph 12a
  50. 13Paragraph 13
  51. Chapter III.: Non-technical account
  52. 1Paragraph 1
  53. 2Paragraph 2
  54. 3Paragraph 3
  55. 3aParagraph 3a
  56. 4Paragraph 4
  57. 5Paragraph 5
  58. 5aParagraph 5a
  59. 6Paragraph 6
  60. 7Paragraph 7
  61. 8Paragraph 8
  62. 8aParagraph 8a
  63. 9Paragraph 9
  64. 10Paragraph 10
  65. 11Paragraph 11
  66. 12Paragraph 12
  67. 13Paragraph 13
  68. 14Paragraph 14
  69. 15Paragraph 15
  70. 16Paragraph 16
  71. IIFORMAT OF CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT
  72. IIINOTES ON THE INCOME AND EXPENDITURE FORMAT
  73. Schedule 2
  74. Part I: BALANCE SHEET FORMAT
  75. ASSETS
  76. AIntangible assets
  77. BInvestments
  78. CAssets held to cover linked liabilities (11) Repealed
  79. DReinsurers' share of technical provisions (12)
  80. EDebtors (13)
  81. FOther assets
  82. GPrepayments and accrued income
  83. LIABILITIES
  84. AReserves
  85. BSubordinated liabilities (17) Repealed
  86. BaFund for future appropriations (18) Repealed
  87. CTechnical provisions
  88. DTechnical provisions for linked liabilities (24)
  89. EProvisions for liabilities
  90. FDeposits received from reinsurers (25) Repealed
  91. GCreditors (26)
  92. HAccruals and deferred income Repealed
  93. IIFORMAT OF CONSOLIDATED BALANCE SHEET
  94. IIINOTES ON THE BALANCE SHEET FORMAT
  95. Part IV: SPECIAL RULES FOR BALANCE SHEET FORMAT
  96. 1Additional items
  97. 2Managed funds
  98. 3Deferred acquisition costs
  99. Schedule 3: FORM AND CONTENT OF THE ANNUAL ACCOUNTS OF A GROUP ACCOUNTS SOCIETY
  100. 1General Rules
  101. 2General Rules
  102. 3Paragraph 3
  103. 4Paragraph 4
  104. 5Elimination of group transactions
  105. 6Acquisition accounting
  106. 7Acquisition accounting
  107. 8Acquisition accounting
  108. 9Acquisition accounting
  109. 10Acquisition accounting
  110. 11Acquisition accounting
  111. 12Acquisition accounting
  112. 13Minority interests
  113. Schedule 4: NOTES TO ANNUAL ACCOUNTS
  114. 1Accounting policies
  115. 2Sums denominated in foreign currencies
  116. 3Staff Repealed
  117. 4Aggregate amount of committee members' emoluments Repealed
  118. 5Details of chairman’s and committee members' emoluments Repealed
  119. 6Emoluments waived Repealed
  120. 7Pensions of committee members and past committee members Repealed
  121. 8Compensation to committee members for loss of office Repealed
  122. 9Sums paid to third parties in respect of committee members' services Repealed
  123. 10Supplementary provisions regarding committee members' emoluments Repealed
  124. 11Supplementary provisions regarding committee members' emoluments Repealed
  125. 12Supplementary provisions regarding committee members' emoluments Repealed
  126. 13Supplementary provisions regarding committee members' emoluments Repealed
  127. 14Interpretation of provisions regarding committee members' emoluments Repealed
  128. 15Assets
  129. 16Assets
  130. 17Assets
  131. 18Investments
  132. 19Reserves and provisions
  133. 20Provision for taxation
  134. 21Details of indebtedness
  135. 22Guarantees and other financial commitments
  136. 23Dealings with or interests in subsidiaries and jointly controlled bodies
  137. 24Separate statement of certain items of income and expenditure
  138. 25Taxation
  139. 26Particulars of business
  140. 27Particulars of business
  141. 28Particulars of business
  142. 29Commissions
  143. 30Miscellaneous matters
  144. 31Committee members' loans and transactions Repealed
  145. 32Industrial Assurance Repealed
  146. 33Information about fair value of assets and liabilities
  147. 34Information where investment property or living animals and plants included at fair value
  148. 35Related Party Transactions
  149. Schedule 5 Repealed
  150. Part I Repealed
  151. 1Paragraph 1 Repealed
  152. 2Paragraph 2 Repealed
  153. 3Paragraph 3 Repealed
  154. 4Paragraph 4 Repealed
  155. 5Paragraph 5 Repealed
  156. 6Paragraph 6 Repealed
  157. 7Paragraph 7 Repealed
  158. 8Paragraph 8 Repealed
  159. Part II Repealed
  160. 9Paragraph 9 Repealed
  161. 10Paragraph 10 Repealed
  162. 11Paragraph 11 Repealed
  163. 12Paragraph 12 Repealed
  164. 13Paragraph 13 Repealed
  165. 14Paragraph 14 Repealed
  166. 15Paragraph 15 Repealed
  167. 16Paragraph 16 Repealed
  168. 17Paragraph 17 Repealed
  169. 18Paragraph 18 Repealed
  170. 19Paragraph 19 Repealed
  171. 20Paragraph 20 Repealed
  172. Part III Repealed
  173. 21Paragraph 21 Repealed
  174. 22Paragraph 22 Repealed
  175. Schedule 6: ACCOUNTING PRINCIPLES AND RULES
  176. Part I: ACCOUNTING PRINCIPLES
  177. 1Preliminary
  178. 2Accounting principles
  179. 3Accounting principles
  180. 4Accounting principles
  181. 5Accounting principles
  182. 6Accounting principles
  183. Part II: DEPARTURE FROM ACCOUNTING PRINCIPLES
  184. 7Paragraph 7
  185. Part III: CURRENT VALUE ACCOUNTING RULES
  186. 8Preliminary
  187. 9Preliminary
  188. 10Valuation of assets: general
  189. 11Valuation of assets: general
  190. 12Alternative valuation of fixed-income securities
  191. 13Meaning of “current value”
  192. 14Meaning of “current value”
  193. 15Application of the depreciation rules
  194. 16Application of the depreciation rules
  195. 17Revaluation reserve
  196. Part IV: HISTORICAL COST ACCOUNTING RULES
  197. Preliminary
  198. 18Paragraph 18
  199. Valuation of assets
  200. 19General rules
  201. 20General rules
  202. 21General rules
  203. 22General rules
  204. 23Development costs
  205. 24Goodwill
  206. Part IVA: Valuation at Fair Value
  207. 24AInclusion of financial instruments at fair value
  208. 24BMethods for determining “fair value”
  209. 24CHedged items
  210. 24DOther assets which may be included at fair value
  211. 24EAccounting for changes in value of financial instruments
  212. 24FThe fair value reserve
  213. Part V: MISCELLANEOUS AND SUPPLEMENTAL
  214. 25Excess of money owed over value received as an asset item
  215. 26Assets included at a fixed amount
  216. 27Determination of cost
  217. 28Determination of cost
  218. 29Substitution of original amount where price or cost unknown
  219. 30Assets and liabilities denominated in foreign currencies
  220. 31Assets and liabilities denominated in foreign currencies
  221. 32Assets and liabilities denominated in foreign currencies
  222. Part VI: RULES FOR DETERMINING PROVISIONS
  223. 33Preliminary
  224. 34Technical provisions
  225. 35Provision for unearned premiums
  226. 36Provision for unexpired risks
  227. 37Long term business provision
  228. Chapter: Provisions for claims outstanding
  229. 38General business
  230. 39General business
  231. 40Long term business
  232. Schedule 7: ANNUAL ACCOUNTS OF NON-DIRECTIVE SOCIETY
  233. Part I: FORMAT OF NON-DIRECTIVE SOCIETY INCOME AND EXPENDITURE ACCOUNT
  234. 1Paragraph 1
  235. 2Paragraph 2
  236. 3Paragraph 3
  237. Part II: FORMAT OF NON-DIRECTIVE SOCIETY BALANCE SHEET
  238. Chapter: Assets
  239. Investments
  240. IParagraph I
  241. IIParagraph II
  242. IIIParagraph III
  243. IVParagraph IV
  244. B.Debtors
  245. Other assets
  246. IParagraph I
  247. IIParagraph II
  248. IIIParagraph III
  249. Chapter: Liabilities
  250. Benefit and Benefit Reserves Funds
  251. IParagraph I
  252. IIParagraph II
  253. IIIParagraph III
  254. IVParagraph IV
  255. VParagraph V
  256. B.Corporation tax provisions
  257. Creditors
  258. IParagraph I
  259. IIParagraph II
  260. IIINOTES TO ANNUAL ACCOUNTS OF NON-DIRECTIVE SOCIETY
  261. Schedule 8: COMMITTEE OF MANAGEMENT'S ANNUAL REPORT
  262. Part I: SOCIETY
  263. 1Paragraph 1
  264. 2Paragraph 2
  265. 3Paragraph 3
  266. 4Paragraph 4
  267. 5Paragraph 5
  268. 6Paragraph 6
  269. 7Paragraph 7
  270. 8Paragraph 8
  271. 9Paragraph 9
  272. 10Paragraph 10
  273. 11Paragraph 11
  274. Part II: NON-DIRECTIVE SOCIETY
  275. 12Paragraph 12
  276. Schedule 9: INTERPRETATION OF SCHEDULES
  277. 1Paragraph 1
  278. 2Balance sheet date
  279. 3Leases
  280. 4Listed investments
  281. 5Loans
  282. 6Materiality
  283. 7Provisions
  284. 8Scots land tenure
  285. 9Staff costs Repealed
  286. 10Other definitions
  287. 11Financial instruments
  288. 12Further Expressions
  289. Explanatory note