# Friendly Societies Act 1992, Section 78A: Interpretation of Part 6


(1) In this Part—
“annual accounts”, in relation to a friendly society or registered branch, means—
(a)the individual accounts required by section 69A, and
(b)any group accounts required by section 69E,
together with the notes to those accounts;
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“firm” means any entity, whether or not a legal person, that is not an individual and includes a body corporate, a corporation sole, and a partnership or other unincorporated association;
“IAS accounts” means IAS individual accounts or IAS group accounts;
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“income and expenditure account”, in relation to a friendly society or registered branch which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by UK-adopted international accounting standards;
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“non-directive friendly society” means a registered friendly society —
(a)to which subsections (2) and (3) of section 37 (restriction of combinations of business do not apply; and
(b)which does not carry on reinsurance business;
“parent undertaking” and “subsidiary undertaking” shall be construed in accordance with the provisions of section 1162 of the Companies Act 2006, read in conjunction with section 1161(1) of and Schedule 7 to that Act.
“senior statutory auditor” has meaning given by section 74A(1) above;
“UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;
(2) References in this Part to accounts giving a “true and fair view” are references—
(a) in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;
(b) in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and
(c) in the case of IAS accounts, to the requirement under UK-adopted international accounting standards that such accounts achieve a fair presentation.
(3) References in this Part to a friendly society subject to special requirements are to a friendly society that ... —
(a) would be an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings were the United Kingdom a member State, or
(b) is an issuer whose transferable securities are admitted to trading on a regulated market.
(4) In subsection (3)—
(a) “issuer” and “regulated market” have the same meaning as in Part 6 of the Financial Services and Markets Act 2000; and
(b) “transferable securities” means anything which is a transferable security for the purposes of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments.

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Source: https://www.legislation.gov.uk/ukpga/1992/40/section/78A (the official version)
Page: https://openlegislation.uk/friendly-societies-act-1992/section-78A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.