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Companies Act 1985
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- UK Public General Acts
- 1985 c. 6
- SCHEDULE 8
- PART II
- Section A
- Accounting principles
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Changes over time for: Cross Heading: Accounting principles
Version Superseded: 12/11/2004
Alternative versions:
- 01/03/1997- Amendment
- 22/11/2000
Point in time - 12/11/2004- Amendment
- 06/04/2008- Amendment
Status:
Point in time view as at 22/11/2000.
Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Cross Heading: Accounting principles.
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Accounting principlesE+W+S
F110The company shall be presumed to be carrying on business as a going concern.
Textual Amendments
F1Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F211Accounting policies shall be applied consistently within the same accounts and from one financial year to the next.
Textual Amendments
F2Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F312The amount of any item shall be determined on a prudent basis, and in particular—
(a)only profits realised at the balance sheet date shall be included in the profit and loss account; and
(b)all liabilities and losses which have arisen or are likely to arise in respect of the financial year to which the accounts relate or a previous financial year shall be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the board of directors in pursuance of section 233 of this Act.
Textual Amendments
F3Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F413All income and charges relating to the financial year to which the accounts relate shall be taken into account, without regard to the date of receipt or payment.
Textual Amendments
F4Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
F514In determining the aggregate amount of any item the amount of each individual asset or liability that falls to be taken into account shall be determined separately.
Textual Amendments
F5Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
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