39. In Section C of Part 2 of Schedule 1 (alternative accounting rules: non-IAS individual accounts)—
(a)in paragraph 32 (alternative accounting rules), omit sub-paragraphs (4) and (5);
(b)in paragraph 34 (additional information to be provided in case of departure from historical cost accounting rules)—
(i)in sub-paragraph (2), for “a note to the accounts” substitute “the note on accounting policies (see paragraph 44 of this Schedule)”; and
(ii)for sub-paragraph (3) substitute—
“(3) In the case of each balance sheet item affected, the comparable amounts determined according to the historical cost accounting rules must be shown in a note to the accounts.”; and
(c)in paragraph 35(2) (revaluation reserve)—
(i)after “revaluation reserve” insert “under “Members’ other interests””; and
(ii)omit “, but need not be shown under that name”.