PART 4 U.K. AMENDMENT OF THE 2008 REGULATIONS

Amendment of Part 2 of Schedule 1 (accounting principles and rules) U.K.

11.  In Section B of Part 2 of Schedule 1 to the 2008 Regulations (historical cost accounting rules)—

(a) in paragraph 19 (provisions for diminution in the value of assets), in sub-paragraph (1), after “set out in” insert “ Section B of ”;

(b) in paragraph 21 (development costs), for sub-paragraph (1) substitute—

“(1) Development costs may only in special circumstances be included in “other intangible assets” under “fixed assets” in the balance sheet formats set out in Section B of Part 1 of this Schedule.”;

(c) in paragraph 26 (assets included at a fixed amount), for sub-paragraph (1) substitute—

“(1) Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—

(a) assets which fall to be included amongst the fixed assets of a company under the item “intangible assets”, and

(b) raw materials and consumables within the item “stocks”.”; and

(d) in paragraph 28 (purchase price or production cost of stocks and fungible assets), in sub-paragraph (1)(a), after “assets which” insert “ , by virtue of regulation 3(1) and Section B of Part 1 of this Schedule, ”.