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Changes over time for: Cross Heading: SECTION A
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Timeline of Changes
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.
Version Superseded: 12/11/2004
Status:
Point in time view as at 01/12/2003.
Changes to legislation:
There are currently no known outstanding effects for the Companies Act 1985, Cross Heading: SECTION A.
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Changes to Legislation
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SECTION AE+W+SACCOUNTING PRINCIPLES
E+W+S
16 Subject to paragraph 22 below, the amounts to be included in respect of all items shown in a company’s accounts shall be determined in accordance with the principles set out in paragraphs 17 to 21.
Accounting principlesE+W+S
17The company shall be presumed to be carrying on business as a going concern.
18Accounting policies shall be applied consistently within the same accounts and from one financial year to the next.
19The 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.
20All 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.
21In 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.
Departure from the accounting principlesE+W+S
22If it appears to the directors of a company that there are special reasons for departing from any of the principles stated above in preparing the company’s accounts in respect of any financial year they may do so, but particulars of the departure, the reasons for it and its effect shall be given in a note to the accounts.
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