# The Friendly Societies Act 1992 (International Accounting Standards and Other Accounting Amendments) Order 2005, Article 3: Contents of the committee of management’s annual report


(1) Section 71 of the 1992 Act (report on a friendly society’s affairs by the committee of management) is amended as follows.
(2) In subsection (1) for paragraph (a) substitute—
“(a) a fair review of the business of the society, its subsidiary undertakings and bodies that it jointly controls (if any) complying with section 71A;
(aa) a description of the principal risks and uncertainties facing the society, its subsidiary undertakings and bodies that it jointly controls (if any);”.
(3) After subsection (1) insert –
“(1A) If the friendly society has subsidiary undertakings, the report may, where appropriate, give greater emphasis to those matters which are significant to the society and its subsidiary undertakings taken as a whole.”.
(4) Omit subsection (2)(b).

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Source: https://www.legislation.gov.uk/uksi/2005/2211/article/3 (the official version)
Page: https://openlegislation.uk/friendly-societies-act-1992-international-accounting-standards-and-other-accounting-amendments-order-2005/article-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.