Part VIU.K. Accounts and Audit

Laying and furnishing of accounts and reportsU.K.

[F178AInterpretation of Part 6U.K.

(1)In this Part—

  • “annual accounts”, in relation to a friendly society or registered branch, means—

    (a)

    the individual accounts required by section 69A, and

    (b)

    any group accounts required by section 69E,

    together with the notes to those accounts;

  • [F2“the Audit Directive” means Directive 2006/43/EC of the European Parliament and of the Council on statutory audits of annual accounts and consolidated accounts, amending Council Directives 78/660/EEC and 83/349/EEC and repealing Council Directive 84/253/EEC (as to friendly societies to which the Directive applies, see subsection (3) below);]

  • [F3“firm” means any entity, whether or not a legal person, that is not an individual and includes a body corporate, a corporation sole, and a partnership or other unincorporated association;]

  • “IAS accounts” means IAS individual accounts or IAS group accounts;

  • “IAS Regulation” means EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ;

  • “income and expenditure account”, in relation to a friendly society or registered branch which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by international accounting standards;

  • “international accounting standards” means the international accounting standards, within the meaning of the IAS Regulation, adopted from time to time by the European Commission in accordance with the IAS Regulation;

  • “non-directive friendly society” means a registered friendly society —

    (a)

    to which subsections (2) and (3) of section 37 (restriction of combinations of business do not apply; and

    (b)

    which does not carry on reinsurance business;

  • “parent undertaking” and “subsidiary undertaking” shall be construed in accordance with the provisions of [F4section 1162 of the Companies Act 2006, read in conjunction with section 1161(1) of and Schedule 7 to that Act].

  • [F3“senior statutory auditor” has meaning given by section 74A(1) above;]

(2)References in this Part to accounts giving a “true and fair view” are references—

(a)in the case of Friendly Societies Act individual accounts, to the requirement under section 69B that such accounts give a true and fair view;

(b)in the case of Friendly Societies Act group accounts, to the requirement under section 69F that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under international accounting standards that such accounts achieve a fair presentation.

[F5(3)References in this Part to a friendly society to which the Audit Directive applies are to a friendly society that is an insurance undertaking within the meaning given by Article 2.1 of Council Directive 1991/674/EEC on the annual accounts and consolidated accounts of insurance undertakings.]]

Textual Amendments

F3Words in s. 78A(1) inserted (29.6.2008 with effect in accordance with art. 1(3) of the amending S.I.) by The Friendly Societies Act 1992 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1140), arts. 1(2), 7(1)