PART 3ACCOUNTS AMENDMENTS

Amendment of Large and Medium-sized Companies Accounts Regulations12

1

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 20087 are amended as follows.

2

In regulation 12 (definition of “provisions”)—

a

omit “and” at the end of paragraph (b), and

b

at the end of paragraph (c) insert—

, and

d

section 841(2)(a) (Companies Act accounts: provisions to be treated as realised losses) in that Part.

3

For paragraph 13(2)(b) of Schedule 8 (quoted companies: directors’ remuneration report: directors’ pensions) substitute—

b

the transfer value, calculated in accordance with regulations 7 to 7E of the Occupational Pension Schemes (Transfer Values) Regulations 19968, of the person’s accrued benefits under the scheme at the end of the relevant financial year;

4

After paragraph 7 of Schedule 9 (interpretation of term “provisions”) insert—

Realised losses8

The specified provisions for the purposes of section 841(2)(a) of the 2006 Act (Companies Act accounts: treatment of provisions as realised losses) are provisions of any of the kinds mentioned in paragraphs 1 and 2 of this Schedule.