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The Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004

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This is the original version (as it was originally made).

6.  After section 81A (requirements in connection with publication of accounts) (inserted by this Order) insert—

“Interpretation of Part 8

81B—(1) In this Part—

“annual accounts”, in relation to a building society, means—

(a)

the individual accounts required by section 72A, and

(b)

any group accounts required by section 72E,together with the notes to those accounts;

“IAS Regulation” means EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards(1);

“income and expenditure account”, in relation to a society which prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by international accounting standards;

“international accounting standards” means the international accounting standards, within the meaning of the IAS Regulation, adopted from time to time by the European Commission in accordance with the IAS Regulation;

“regulated market” has the same meaning as it has in Council Directive 93/22/EEC on investment services in the securities field(2).

(2) References in this Part to accounts giving a “true and fair view” are references—

(a)in the case of Building Societies Act individual accounts, to the requirement under section 72B that such accounts give a true and fair view;

(b)in the case of Building Societies Act group accounts, to the requirement under section 72F that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under international accounting standards that such accounts achieve a fair presentation.”.

(1)

Official Journal L 243, 11/09/2002 P. 0001 – 0004.

(2)

O.J. L141 of 11.06.93 page 27, as last amended by Directive 2000/64/EEC of the European Parliament and of the Council (O.J. L290 of 17.11.2000, page 27).

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