This section has no associated Explanatory Memorandum
2.—(1) Where in accordance with paragraph 1 a company’s balance sheet or profit and loss account for any financial year has been prepared by reference to one of the formats in Section B, the company’s directors must use the same format in preparing Companies Act individual accounts for subsequent financial years, unless in their opinion there are special reasons for a change.
(2) Particulars of any such change must be given in a note to the accounts in which the new format is first used, and the reasons for the change must be explained.