The Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009

Amendment of Large and Medium-sized Companies Accounts Regulations

12.—(1) The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008(1) are amended as follows.

(2) In regulation 12 (definition of “provisions”)—

(a) omit “and” at the end of paragraph (b), and

(b) at the end of paragraph (c) insert—

“, and

(d) section 841(2)(a) (Companies Act accounts: provisions to be treated as realised losses) in that Part.”.

(3) For paragraph 13(2)(b) of Schedule 8 (quoted companies: directors’ remuneration report: directors’ pensions) substitute—

“(b) the transfer value, calculated in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations 1996(2), of the person’s accrued benefits under the scheme at the end of the relevant financial year;”.

(4) After paragraph 7 of Schedule 9 (interpretation of term “provisions”) insert—

“Realised losses

8.   The specified provisions for the purposes of section 841(2)(a) of the 2006 Act (Companies Act accounts: treatment of provisions as realised losses) are provisions of any of the kinds mentioned in paragraphs 1 and 2 of this Schedule.”.

(1)

S.I. 2008/410.

(2)

S.I. 1996/1847; regulations 7 to 7E were inserted by regulation 4 of S.I. 2008/1050.