# Railways Act 2005, Paragraph 8


(1) The PC must—
(a) keep proper accounts and proper accounting records; and
(b) in respect of each financial year, prepare a statement of its accounts.
(2) Every statement of accounts prepared under sub-paragraph (1)(b) must—
(a) give a true and fair view of the PC's income and expenditure for the financial year in question and its state of affairs; and
(b) comply with every requirement which the Secretary of State has notified to the PC.
(3) The requirements notified under sub-paragraph (2)(b) may include, in particular, requirements relating to—
(a) the information to be contained in the statement;
(b) the manner in which that information is to be presented; and
(c) the methods and principles according to which the statement is to be prepared.

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Source: https://www.legislation.gov.uk/ukpga/2005/14/schedule/5/paragraph/8 (the official version)
Page: https://openlegislation.uk/railways-act-2005/schedule-5/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.