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Changes over time for: Section 72E


Timeline of Changes
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Version Superseded: 31/12/2020
Status:
Point in time view as at 22/12/2004. This version of this provision has been superseded.

Status
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Changes to legislation:
Building Societies Act 1986, Section 72E is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation
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[72EDuty to prepare group accountsU.K.
(1)If at the end of a financial year a building society has subsidiary undertakings, the directors, as well as preparing individual accounts for the year, shall prepare accounts for the year for the society and those undertakings taken as a whole.Those accounts are referred to in this Part as the society’s “group accounts”.
(2)The group accounts of certain societies are required by Article 4 of the IAS Regulation to be prepared in accordance with international accounting standards (“IAS group accounts”).
(3)The group accounts of other societies may be prepared–
(a)in accordance with section 72F (“Building Societies Act group accounts”), or
(b)in accordance with international accounting standards (“IAS group accounts”).
This subsection is subject to the following provisions of this section.
(4)After the first financial year in which the directors of a building society prepare IAS group accounts (“the first IAS year”), all subsequent group accounts of the society must be prepared in accordance with international accounting standards unless there is a relevant change of circumstance.
(5)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 regulated market.
(6)If, having changed to preparing Building Societies Act group accounts following a relevant change of circumstance, the directors again prepare IAS group accounts for the society, subsection (4) and (5) apply again as if the first financial year for which such accounts are again prepared were the first IAS year.]
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