{
  "url": "https://openlegislation.uk/friendly-societies-accounts-and-related-provisions-regulations-1994/schedule-6/paragraph-24B",
  "json_url": "https://openlegislation.uk/friendly-societies-accounts-and-related-provisions-regulations-1994/schedule-6/paragraph-24B.json",
  "legislation": "uksi/1994/1983",
  "legislation_title": "The Friendly Societies (Accounts and Related Provisions) Regulations 1994",
  "legislation_url": "https://openlegislation.uk/friendly-societies-accounts-and-related-provisions-regulations-1994",
  "path": "schedule/6/paragraph/24B",
  "kind": "paragraph",
  "number": "24B",
  "heading": "Methods for determining “fair value”",
  "text": "(1) The fair value of a financial instrument is its value determined in accordance with this paragraph.\n(2) If a reliable market can readily be identified for the financial instrument, its fair value is to be determined by reference to its market value.\n(3) If a reliable market cannot readily be identified for the financial instrument but can be identified for its components or for a similar instrument, its fair value is to be determined by reference to the market value of its components or of the similar instrument.\n(4) If neither sub-paragraph (2) nor (3) applies, the fair value of the financial instrument is to be a value resulting from generally accepted valuation models and techniques.\n(5) Any valuation models and techniques used for the purposes of sub-paragraph (4) must ensure a reasonable approximation of the market value.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 6 Pt. 4A inserted (1.10.2005 with effect as respects financial years which begin on or after 1.1.2005 and end on or after October 2005) by The Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2005 (S.I. 2005/2210), regs. 1(2), 5"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1994/1983/schedule/6/paragraph/24B",
    "retrieved_at": "2026-10-29T13:28:41.237812+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}