# The Friendly Societies (Accounts and Related Provisions) Regulations 1994, Paragraph 21: General rules

Extent: E+W+S+N.I.

(1) This paragraph applies to any asset included under Assets item A (tangible assets), B (investments) or F.I (tangible assets).
(2) Where an asset to which this paragraph applies has diminished in value, provisions for diminution in value may be made in respect of it and the amount to be included in respect of it may be reduced accordingly; and any such provisions which are not shown in the income and expenditure account must be disclosed (either separately or in aggregate) in a note to the accounts.
(3) Provisions for diminution in value must be made in respect of any asset to which this paragraph applies if the reduction in its value is expected to be permanent (whether its useful economic life is limited or not), and the amount to be included in respect of it must be reduced accordingly; and any such provisions which are not shown in the income and expenditure account must be disclosed (either separately or in aggregate) in a note to the accounts.
(4) Where the reasons for which any provision was made in accordance with subparagraph (1) or (2) have ceased to apply to any extent, that provision must be written back to the extent that it is no longer necessary; and any amounts written back in accordance with this subparagraph which are not shown in the income and expenditure account must be disclosed (either separately or in aggregate) in a note to the accounts.

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Source: https://www.legislation.gov.uk/uksi/1994/1983/schedule/6/paragraph/21 (the official version)
Page: https://openlegislation.uk/friendly-societies-accounts-and-related-provisions-regulations-1994/schedule-6/paragraph-21
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.