C1C2Part VIII Accounts and Audit

Annotations:
Modifications etc. (not altering text)
C1

Pt. VIII (ss. 71–82) excluded by S.I. 1986/2168, art. 12(1)(a)

C2

Pt. VIII (ss. 71–82) modified (temp.until 1.1.1993) by S.I. 1990/1392, art. 6(3)

Accounts

72AF1Duty to prepare individual accounts

1

The directors of every building society shall prepare accounts for the society for each of its financial years.

Those accounts are referred to in this Part as the society’s “individual accounts”.

2

A society’s individual accounts may be prepared–

a

in accordance with section 72B (“Building Societies Act individual accounts”), or

b

in accordance with F4UK-adopted international accounting standards (“IAS individual accounts”).

This subsection is subject to the following provisions of this section and section 72I (consistency of accounts).

3

After the first financial year in which the directors of a building society prepare IAS individual accounts (“the first IAS year”), all subsequent individual accounts of the society must be prepared in accordance with F3UK-adopted international accounting standards unless there is a relevant change of circumstance.

4

There is a relevant change of circumstance if, at any time during or after the first IAS year, the society ceases to have any securities admitted to trading on a F2UK regulated market.

5

If, having changed to preparing Building Societies Act individual accounts following a relevant change of circumstance, the directors again prepare IAS individual accounts for the society, subsections (3) and (4) apply again as if the first financial year for which such accounts are again prepared were the first IAS year.