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Changes over time for: Section 37
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 17/05/2016.
Changes to legislation:
There are currently no known outstanding effects for the The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, Section 37.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Amendments to Section A of Part 2 of Schedule 1 (accounting principles: non-IAS individual accounts)U.K.
This
adran has no associated
Memorandwm Esboniadol
37. In Section A of Part 2 of Schedule 1 (accounting principles: non-IAS individual accounts)—
(a)in paragraph 12 (consistent application of accounting policies), after “Accounting policies” insert “and measurement bases”;
(b)in paragraph 13 (determination of amount of an item on a prudent basis)—
(i)omit “and” at the end of sub-paragraph (a); and
(ii)after sub-paragraph (b) insert—
“(c)all provisions for diminution of value must be recognised, whether the result of the financial year is a profit or a loss,
(d)at the balance sheet date, a provision must represent the best estimate of the expenses likely to be incurred or, in the case of a liability, of the amount required to meet that liability, and
(e)provisions must not be used to adjust the values of assets.”; and
(c)after paragraph 15 (individual assets or liabilities must be determined separately in determining aggregate amount) insert—
“15A. The opening balance sheet for each financial year must correspond to the closing balance sheet for the preceding financial year.”.
Yn ôl i’r brig