The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 No. 410

SCHEDULE 3 U.K. INSURANCE COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS

PART 2 U.K. ACCOUNTING PRINCIPLES AND RULES

SECTION D U.K. HISTORICAL COST ACCOUNTING RULES

Valuation of assets U.K.

General rules U.K.

39.—(1) Where the reasons for which any provision was made in accordance with paragraph 38 have ceased to apply to any extent, that provision must be written back to the extent that it is no longer necessary.

[F1 (1A) But provision made in accordance with paragraph 38(2) or (3) in respect of goodwill must not be written back to any extent.]

(2) Any amounts written back in accordance with sub-paragraph (1) which are not shown in the profit and loss account must be disclosed (either separately or in aggregate) in a note to the accounts.

Textual Amendments

F1 Sch. 3 para. 39(1A) inserted (with effect in accordance with reg. 2(2)(3) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) (No. 2) Regulations 2015 (S.I. 2015/1672), regs. 2(1), 4(6)