(1) There must be stated in a note to the...
- Disclose cumulative goodwill written off in accounts notes Any Person
UK Statutory Instrument
1994
United Kingdom
The Friendly Societies (Accounts and Related Provisions) Regulations 1994
At a glance
What's here
48 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 34
- Director or Officer 10
- Employer 3
- Trader 1
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2337 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Employers also bound by 694 other Acts (top 5 shown)
- The Income Tax (Pay As You Earn) Regulations 2003 2003 236 duties
- Provision and Use of Work Equipment Regulations 1998 1998 120 duties
- TULRCA 1992 1992 72 duties
- Employment Rights (Northern Ireland) Order 1996 (current NI employment law) 1996 52 duties
- Income Tax (Earnings and Pensions) Act 2003 2003 50 duties
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Where during the financial year there has been a disposal...
- Disclose subsidiary disposals significantly affecting group accounts Director or Officer
Any differences of accounting rules as between a society’s individual...
- Disclose differences between individual and consolidated accounting rules Any Person
Elimination of group transactions
- Eliminate intra-group transactions and balances in consolidated accounts Any Person
Accounting policies
- State accounting policies and compliance with standards in accounts Any Person
Assets
- Disclose asset movements and depreciation in your annual accounts Any Person
Where any assets of the society (other than listed investments)...
- Disclose asset valuation details in balance sheet Any Person
In relation to any amount which is included under Asset...
- Disclose property tenure and own-use value in accounts Employer
Investments
- Disclose investment breakdown in friendly society balance sheet Any Person
Sums denominated in foreign currencies
- State how foreign currency sums are converted to sterling Any Person
Provision for taxation
- Show deferred tax provision separately in accounts Employer
Details of indebtedness
- Disclose long-term debt and security details in the balance sheet Director or Officer
Dealings with or interests in subsidiaries and jointly controlled bodies
- Show separate totals for subsidiary and joint-venture dealings in your accounts Any Person
Separate statement of certain items of income and expenditure
- Disclose specific income and expenditure items in annual accounts Any Person
Taxation
- Disclose taxation details in annual accounts Any Person
Particulars of business
- Disclose detailed breakdown of general insurance business Director or Officer
(1) As regards long term business, the society must disclose:...
- Disclose long-term business premiums and reinsurance details Any Person
(1) Subject to sub-paragraph (2) below, there must be disclosed...
- Disclose total gross direct insurance premiums from UK and foreign contracts Any Person
Commissions
- Disclose total commissions for direct insurance business in accounts Any Person
Miscellaneous matters
- Disclose financial details on income and expenditure account Any Person
Information about fair value of assets and liabilities
- Disclose fair value information in the notes to accounts Any Person
Related Party Transactions
- Disclose material related party transactions in annual accounts Any Person
(1) This paragraph applies where the amounts to be included...
- Disclose valuation basis and historical cost differences in accounts notes Any Person
Revaluation reserve
- Maintain a revaluation reserve for asset value changes and disclose in accounts Any Person
In the case of any asset included under Assets item...
- Depreciate limited-life assets systematically over their useful economic life Any Person
(1) This paragraph applies to any asset included under Assets...
- Make provisions for permanent loss of value in tangible assets and investments Any Person
Goodwill
- Write off goodwill systematically over its useful economic life Any Person
Accounting for changes in value of financial instruments
- Account for changes in value of financial instruments correctly Any Person
Determination of cost
- Calculate asset cost correctly when buying or building assets Director or Officer
(1) Subject to the qualification mentioned below, the cost of...
- Choose and apply a permitted method for valuing fungible assets Director or Officer
Assets and liabilities denominated in foreign currencies
- Convert foreign currency assets and liabilities at correct exchange rate Any Person
(1) Subject to subparagraph (2), any difference between the amount...
- Correctly account for foreign currency differences on assets and liabilities Any Person
General business
- Calculate claim provisions separately, allow for unreported claims, and include settlement costs Trader
(1) Explicit discounting or deductions to take account of investment...
- Discount claim provisions using prudential methods and disclose details in accounts Any Person
There must be stated names of the persons who, at...
- State names of management committee and chief executive in annual accounts Any Person
(1) The following applies if the society or any subsidiary...
- Disclose political and charitable donations in annual report if over £200 Any Person
The committee of management’s annual report must contain particulars of...
- Include material matters in annual report unless harmful to business Any Person
The following paragraphs of Part I of this Schedule are...
- Include required content in your non-directive society's annual report Director or Officer
The committee of management’s annual report must contain:
- Prepare an annual report covering objectives, post-year events and future outlook Director or Officer
(1) If significant changes in the fixed assets of the...
- Report significant fixed asset changes in annual report Director or Officer
(1) Subject to subparagraphs (2) and (3), the committee of...
- Disclose committee members' interests in subsidiaries in annual report Director or Officer
(1) This paragraph applies to the committee of management’s annual...
- Include disability and staff engagement statements in annual report Employer
Browse 113 other Schedules — structural / supplementary
Tax attributable to the long term business
Transfers to or from the fund for future appropriations
Tax on extraordinary gain or loss
Other taxes not shown under the preceding items
Excess of income over expenditure for the financial year
Investment income (8)(10) (a) income from shares in subsidiaries
Unrealised gains on investments (9)
Unrealised losses on investments (9)
Excess of income over expenditure on ordinary activities before tax...
Fund for future appropriations (18)
Accruals and deferred income
General Rules
The information required by paragraphs 9, 10, or 11 need...
Minority interests
(1) Where assets and liabilities to be included in the...
Amounts which in the particular context of any provision of...
Acquisition accounting
An acquisition must be accounted for by the acquisition method...
(1) The acquisition method of accounting is as follows.
(1) The following information with respect to acquisitions taking place...
Supplementary provisions regarding committee members' emoluments
(1) The amounts to be shown for any financial year...
Where the Chief Executive of the society is not also...
Regulation 8(2)(b) does not apply to paragraphs 4 to 12....
Interpretation of provisions regarding committee members' emoluments
Reserves and provisions
Guarantees and other financial commitments
Staff
Committee members' loans and transactions
Industrial Assurance
Information where investment property or living animals and plants included at fair value
Aggregate amount of committee members' emoluments
Details of chairman’s and committee members' emoluments
Emoluments waived
Pensions of committee members and past committee members
Compensation to committee members for loss of office
Sums paid to third parties in respect of committee members' services
Subsidiaries
Holdings in subsidiaries
Financial years of subsidiaries
Further information about subsidiaries excluded from consolidation
Jointly controlled bodies
Other significant holdings of society or group
(1) The name of the body corporate must be stated....
(1) Where the society has a significant holding in a...
(1) The information required by paragraphs 18 and 19 must...
(1) The name of the body corporate must be stated....
(1) Where the holding of the group amounts to 20...
Holdings in subsidiaries
Construction of references to shares held by society or group
The information required by paragraphs 6, 15 and 18 of...
For the purposes of paragraphs 4 and 12 of this...
Financial years of subsidiaries
Further information about subsidiaries
Significant holdings in bodies corporate other than subsidiaries
(1) The name of the body corporate must be stated....
(1) Where the society has a significant holding in a...
Construction of references to shares held by society
Subsidiaries
Preliminary
Valuation of assets: general
(1) Intangible assets other than goodwill may be shown at...
Alternative valuation of fixed-income securities
Meaning of “current value”
(1) In the case of land and buildings, current value...
Application of the depreciation rules
Subject to paragraphs 8 to 17 above, the amounts to...
General rules
Accounting principles
(1) This paragraph applies to assets included under Assets items...
Development costs
Inclusion of financial instruments at fair value
Methods for determining “fair value”
Hedged items
Other assets which may be included at fair value
The fair value reserve
Excess of money owed over value received as an asset item
Assets included at a fixed amount
Substitution of original amount where price or cost unknown
Accounting policies must be applied consistently within the same accounts...
The provisions of this Schedule which relate to long term...
Preliminary
Technical provisions
Provision for unearned premiums
Provision for unexpired risks
Long term business provision
The amount of any item must be determined on a...
Long term business
Except so far as these Regulations otherwise specify, income and...
In determining the aggregate amount of any item the amount...
If it appears to the committee of management of a...
Preliminary
The same valuation method must be applied to all investments...
Income (a) Contributions (b) (i) Rents from Land and Buildings...
Expenditure (a) Sickness benefits (b) Endowments on maturity
Excess of income over expenditure
Management Fund
(1) If at the end of the financial year the...
The remuneration to be taken into account under paragraph 6(1)(b)...
There must be contained in the committee of management’s annual...
There must be stated in the committee of management’s annual...
The following paragraphs apply for the purposes of the interpretation...
Other definitions
Financial instruments
Further Expressions
Balance sheet date
Leases
Listed investments
Loans
Materiality
Provisions
Scots land tenure
Staff costs
sch. 1
- Prepare technical accounts in accordance with prescribed format and definitions Any Person
Managed funds
- Include managed funds in balance sheet and disclose in notes Any Person
Annual accounts—group accounts society
- Prepare annual accounts in prescribed formats for group accounts society Any Person
Group accounts—supplementary provisions
- Include all subsidiaries in group accounts unless immaterial Director or Officer
Accounting principles and rules
- Prepare annual accounts using Schedule 6 accounting rules Any Person
Transitional provisions
- Recreate previous accounts as if old rules still applied Any Person
Browse 38 other sections — procedural / definitional / commencement
sch. 1 para. 6
sch. 2
Additional items
Citation and commencement
Earned premiums, net of reinsurance (a) gross premiums written (1)...
Interpretation
Allocated investment return transferred from the non-technical account (item III.6)...
Application
Other technical income, net of reinsurance
Annual accounts—single accounts society
Claims incurred, net of reinsurance (4) (a) claims paid
Change in other technical provisions, net of reinsurance, not shown...
Content and form of accounts
Bonuses and rebates, net of reinsurance (5)
Net operating expenses (a) acquisition costs (6)
Notes to annual accounts
Other technical charges, net of reinsurance
Associated bodies
Investment expenses and charges (8) (a) investment management expenses, including...
Accounts to have regard to substance of a transaction
Sub-total (balance on the technical account for general business) (item...
Annual accounts—non-directive society
Other technical charges, net of reinsurance
Committee of management’s annual report
Allocated investment return transferred to the non-technical account (item III.4)...
Sub-total (balance on the technical account—long term business) (item III.2)...
Interpretation of Schedules
Intangible assets
Investments
Assets held to cover linked liabilities (11)
Reinsurers' share of technical provisions (12)
Debtors (13)
Other assets
Prepayments and accrued income
Land and buildings
Mortgages on Land and Buildings
British Government and British Government Guaranteed Securities
Other investments
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