(1) There shall be stated in a note to the...
- Disclose cumulative goodwill written off in notes to accounts
UK Statutory Instrument
1998
United Kingdom
The Building Societies (Accounts and Related Provisions) Regulations 1998
At a glance
What's here
55 compliance obligations
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 details of significant disposals of subsidiaries in annual accounts
Minority interests
- Show minority interests in financial statements
(1) Where assets and liabilities to be included in the...
- Adjust subsidiary asset values to match group accounting rules
Any differences of accounting rules as between a society’s individual...
- Disclose differences in accounting rules between individual and consolidated accounts
Elimination of group transactions
- Remove internal group transactions from consolidated accounts
An acquisition shall be accounted for by the acquisition method...
- Account for acquisitions using the acquisition or merger method
Accounting policies
- State accounting policies and compliance with accounting standards in annual accounts
Miscellaneous matters
- State the effect of prior-year amounts and exceptional transactions in accounts
Maturity analysis
- Disclose maturity analysis of certain asset and liability items
Transferable securities
- Show transferable securities split by listed/unlisted status and holding purpose
Subordinated liabilities
- Disclose details of large subordinated borrowings in your accounts
Fixed cumulative interest
- Disclose arrears of fixed cumulative interest in accounts
Details of assets charged
- Disclose details of assets charged in your balance sheet
Particulars shall be given of any charge on the assets...
- Disclose charges on assets securing third-party liabilities
Memorandum items: subsidiary undertakings
- Disclose contingent liabilities and commitments for subsidiaries
Leasing transactions
- Disclose total value of leased non-land assets in your accounts
Sundry assets and liabilities, prepayments and accrued income and accruals and deferred income
- Disclose material sundry assets and liabilities in accounts
Other miscellaneous matters
- Include comparative figures in notes to annual accounts
Information where investment property and living animals and plants are included at fair value
- Disclose fair value details for investment property and biological assets
Related Party Transactions
- Disclose material related party transactions in annual accounts
(1) Where a fixed asset investment of a description falling...
- Write down fixed assets with permanent loss in value and disclose in notes
Development costs
- Capitalise development costs only in line with accounting standards, and disclose write-off period and reasons
Financial fixed assets
- Account for debt securities at maturity value with amortisation of premium/discount
(1) If the net realisable value of any current asset...
- Value current assets at net realisable value if lower than cost
General rules
- Do not offset assets against liabilities in building society accounts, except where permitted
(1) Assets shall be shown under the relevant balance sheet...
- Show pledged assets correctly on your balance sheet
Preliminary expenses, expenses of and commission on any issue of...
- Do not capitalise preliminary expenses, share issue costs, or research costs on your balance sheet
Excess of money owed over value received as an asset item
- Write off excess debt over asset value before repayment
To the extent that debt securities included in a society’s...
- Disclose valuation method for cost-valued debt securities in annual accounts
Accounting policies shall be applied consistently within the same accounts...
- Apply accounting policies consistently every year
(1) This paragraph applies where the amounts to be included...
- Disclose alternative valuation bases and historical cost comparatives in accounts
Accounting for changes in value of financial instruments
- Account for changes in financial instrument values in income and expenditure account
The fair value reserve
- Adjust fair value reserve and disclose tax treatment in accounts
(1) Subject to sub-paragraph (2), any difference between the amount...
- Record foreign exchange differences in accounts correctly
(1) The amount of any item shall be determined on...
- Prepare accounts on a prudent basis with realised profits and all liabilities
In the case of any fixed asset which has a...
- Depreciate fixed assets with limited useful life systematically
Miscellaneous
- List all directors who served during the financial year
New activities
- Describe any new business activities in the directors' report
Financial risk management objectives and policies
- Disclose financial risk management policies and exposures in directors' report
The directors' report shall contain— (a) a statement of the...
- Include business objectives, key events and future developments in directors' report
Directors' interests
- Disclose directors' interests in connected undertakings in annual report
Employee information
- Report on disability employment and employee involvement policies in directors' report
Supplier payment policy
- Disclose supplier payment policy and average payment days in directors' report
Statutory percentages
- Include statutory percentages and explanations in annual business statement
Other percentages
- Include specified financial percentages in annual business statement
Information relating to directors and other officers
- Include director and non-cash asset details in annual business statement
(1) The annual business statement of a society shall state,...
- Disclose details of directors' and CEO's service contracts in annual business statement
There shall be included as a note to the Summary...
- Explain each key financial ratio in the summary note
Browse 127 other Schedules — structural / supplementary
Minority interests in extraordinary profit or loss after tax
Other taxes not shown under the preceding items
Profit or loss for the financial year
Liability item F in each of Parts I and II...
(1) Liability item H in each of Parts I and...
Liability item I in each of Parts I and II...
Memorandum item A in each of Parts I and II...
Memorandum item A(b) in each of Parts I and II...
Memorandum item B in each of Parts I and II...
(1) The following rules apply where a society (or the...
(1) For the purpose of this paragraph “managed funds” are...
(1) Where a society (or the society and its subsidiary...
(a) Asset item D in each of Parts I and...
Asset item G in each of Parts I and II...
Liability item A(a) in each of Parts I and II...
For the purpose of Liability item D in each of...
With agreed maturity dates or periods of notice
TOTAL LIABILITIES
In Parts I and II— (a) items 2 and 8...
Where subsidiary undertakings have been acquired or disposed of during...
(1) There shall be inserted in the notes to the...
(1) Where in any item in a statement in Part...
General rules
(1) The following information with respect to acquisitions taking place...
The information required by paragraph 10, 11 or 12 need...
For the purposes only of paragraphs 9, 10, 12 and...
Interests in subsidiary undertakings excluded from consolidation
Foreign currency translation
Amounts which in the particular context of any provision of...
Acquisition accounting
(1) The acquisition method of accounting is set out in...
(1) Where a group is acquired paragraph 8 applies with...
Interpretation of provisions regarding directors' remuneration
Other income and expenditure items
Persons who are to be regarded as associates of a society’s auditors
Taxation
Provisions for bad and doubtful debts
Sums denominated in foreign currencies
Fixed assets
Reserves and provisions
Subscribed capital
Guarantees and other financial commitments
Employees
Assets and liabilities denominated in a currency other than sterling
Unmatured forward transactions
Directors' loans and transactions
Information about fair value of financial instruments
Aggregate amount of directors' remuneration etc.
Details of individual directors' remuneration etc.
Excess retirement benefits of directors and past directors
Compensation to directors for loss of office
Sums paid to third parties in respect of directors' services
Supplementary provisions regarding directors' remuneration
Subsidiary undertakings
Holdings in subsidiary undertakings
Financial information about subsidiary undertakings not included in the consolidation
Associated undertakings
Other significant holdings of society or group
(1) The name of the undertaking shall be stated.
(1) There shall also be stated— (a) the aggregate amount...
(1) The information required by paragraphs 17 and 18 shall...
(1) The name of the undertaking shall be stated.
(1) There shall also be stated— (a) the aggregate amount...
Construction of references to shares held by society or group
Holdings in subsidiary undertakings
The information required by paragraphs 6, 14 and 17 of...
Financial information about subsidiary undertakings
Financial years of subsidiary undertakings
Significant holdings in undertakings other than subsidiary undertakings
(1) The name of the undertaking shall be stated.
(1) There shall also be stated— (a) the aggregate amount...
Construction of references to shares held by society
Subsidiary undertakings
Subject to paragraph 7, the amounts to be included in...
Goodwill
The amount to be included in respect of Asset items...
The society shall be presumed to be carrying on business...
Assets acquired in the name of and on behalf of...
The directors of a society shall, in determining how amounts...
Determination of cost
(1) Subject to the qualification mentioned below, the cost of...
Substitution of original amount where cost unknown
The rules set out in paragraphs 8 to 25 of...
Subject to paragraphs 29, 30 and 31, the amounts to...
(1) Intangible fixed assets, other than goodwill, may be included...
(1) Where the value of any asset of a society...
(1) With respect to any determination of the value of...
Inclusion of financial instruments at fair value
Methods for determining fair value
Hedged items
Other assets which may be included at fair value
(1) Subject to the following sub-paragraphs, amounts to be included...
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 directors of a society that...
General rules
Land and buildings
Political and charitable gifts
Percentages
Mortgage arrears
The Summary Directors' Report (which is required by section B...
Where there are extraordinary items in the income and expenditure...
In this Schedule “relevant year”, in relation to a summary...
In sections C and D of Part I and Part...
Any amount or percentage required to be included in section...
Sections C and D of Part I or Part IA...
Subject to paragraph 3, in section C of Part I—...
Subject to paragraph 3, the items in section C of...
A heading for an item contained in section C of...
Subject to paragraph 3, in section D of Part I—...
Subject to paragraph 3, the items in section D of...
There shall be disclosed as a note to the Summary...
The following paragraphs apply for the purposes of the interpretation...
Scots land tenure
Staff costs
Amounts repayable
Financial instruments
Other defintions
(1) The expressions listed in sub-paragraph (2) have the same...
Balance sheet date
Capital
Leases
Listed securities
Loans
Materiality
Participating interest
Provisions
Annual accounts
- Prepare annual accounts in specified formats
Group accounts: supplementary provisions
- Prepare group accounts including all subsidiary undertakings
Accounting principles and rules
- Prepare annual accounts in line with Building Societies Act rules
Annual business statement
- Prepare and publish annual business statement with specified content
Summary financial statement
- Prepare summary financial statement in prescribed format
Transitional provisions
- Record or estimate transitional items in accounts and disclose estimates
Browse 52 other sections — procedural / definitional / commencement
sch. 1 para. 1
sch. 1 para. 2
sch. 1 para. 3
sch. 1 para. 7
sch. 2 para. 1
sch. 2 para. 2
sch. 2 para. 3
Citation and commencement
Interest receivable and similar income (a) (i) On loans fully...
Interpretation
Interest payable and similar charges (a) (i) On shares held...
Net interest receivable
Accounts in euro
Income from investments (a) Income from equity shares [and other...
Notes to annual accounts
Fees and commissions receivable
Holdings in undertakings
Fees and commissions payable
Net profit or loss on financial operations
Directors' report
Other operating income
Administrative expenses (a) Staff costs (i) Wages and salaries
Depreciation and amortisation
Interpretation of Schedules
Other operating charges
Provisions (a) Provisions for bad and doubtful debts
Revocation
Adjustments to provisions (a) Adjustments to provisions for bad and...
Amounts written off fixed asset investments
Adjustments to amounts written off fixed asset investments
Profit or loss on ordinary activities before tax
Tax on profit or loss on ordinary activities
Profit or loss on ordinary activities after tax
Extraordinary income
Extraordinary charges
Extraordinary profit or loss
Tax on extraordinary profit or loss
Extraordinary profit or loss after tax
Other taxes not shown under the preceding items
Profit or loss for the financial year
Assets
LOANS AND ADVANCES TO CUSTOMERS
INVESTMENTS
INTANGIBLE FIXED ASSETS
TANGIBLE FIXED ASSETS (a) Land and buildings
OTHER ASSETS
PREPAYMENTS AND ACCRUED INCOME
TOTAL ASSETS
SUBSCRIBED CAPITAL
REVALUATION RESERVE
RESERVES (a) General reserves (b) Other reserves
TOTAL LIABILITIES
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