Article 3 Group accounts

Section 69E^f1 of the 1992 Act (duty to prepare group accounts) is amended as follows.

After subsection (3) insert—

“(3A)

The group accounts of a friendly society that is a charity must be Friendly Societies Act group accounts.”.

At the end of subsection (4) insert—

“This is subject to subsection (5A).”.

After subsection (5) insert—

“(5A)

After a financial year in which the committee of management of a friendly society prepares IAS group accounts, the committee of management may change to preparing Friendly Societies Act group accounts for a reason other than a relevant change of circumstance provided it has not changed to Friendly Societies Act group accounts in the period of five years preceding the first day of that financial year.

(5B)

In calculating the five year period for the purpose of subsection (5A), no account should be taken of a change due to a relevant change of circumstance.”.

In subsection (6) omit “following a relevant change of circumstance”.