# The Friendly Societies (Accounts and Related Provisions) Regulations 1994, Paragraph 25: Excess of money owed over value received as an asset item

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

(1) Where the amount repayable on any debt owed by a society is greater than the value of the consideration received in the transaction giving rise to the debt, the amount of the difference may be treated as an asset.
(2) Where any such amount is so treated:
(a) it must be written off by reasonable amounts each year and must be completely written off before repayments of the debt; and
(b) if the current amount is not shown as a separate item in the society’s balance sheet it must be disclosed in a note to the accounts.

---
Source: https://www.legislation.gov.uk/uksi/1994/1983/schedule/6/paragraph/25 (the official version)
Page: https://openlegislation.uk/friendly-societies-accounts-and-related-provisions-regulations-1994/schedule-6/paragraph-25
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.