Article 8 Accounting principles and policies

Accounting policies used by a registered social landlord shall be applied consistently within the same accounts and from one period of account to another.

Accounting policies adopted by a registered social landlord in determining the amounts to be included in respect of items shown in the balance sheet or in the income or expenditure account shall be stated in the notes to the accounts.

Where a change is made to an accounting policy, details of the change, the reasons for it and its effect on the accounts shall be stated in the notes to the accounts.

Where the accounts are prepared other than on a going concern basis, a statement to that effect shall be included in the notes to the accounts.

Amounts in respect of items representing assets or income may not be set off against amounts in respect of items representing liabilities or expenditure (as the case may be) or vice versa.

All income and expenditure relating to the period of account shall be taken into account without regard to whether the income and expenditure is received or paid during the period of account.