# The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Paragraph 52: Long-term business provision

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

(1) The long-term business provision must in principle be computed separately for each long-term contract, save that statistical or mathematical methods may be used where they may be expected to give approximately the same results as individual calculations.
(2) A summary of the principal assumptions in making the provision under sub-paragraph (1) must be given in the notes to the accounts.
(3) The computation must be made annually by a Fellow of the Institute or Faculty of Actuaries with due regard to generally accepted actuarial principles and on the basis of recognised actuarial methods ...

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Source: https://www.legislation.gov.uk/uksi/2008/410/schedule/3/paragraph/52 (the official version)
Page: https://openlegislation.uk/large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-3/paragraph-52
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.