PART 4AMENDMENT OF THE 2008 REGULATIONS

Amendment of Part 2 of Schedule 1 (accounting principles and rules)11

In Section B of Part 2 of Schedule 1 to the 2008 Regulations (historical cost accounting rules)—

a

in paragraph 19 (provisions for diminution in the value of assets), in sub-paragraph (1), after “set out in” insert “ Section B of ”;

b

in paragraph 21 (development costs), for sub-paragraph (1) substitute—

1

Development costs may only in special circumstances be included in “other intangible assets” under “fixed assets” in the balance sheet formats set out in Section B of Part 1 of this Schedule.

c

in paragraph 26 (assets included at a fixed amount), for sub-paragraph (1) substitute—

1

Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—

a

assets which fall to be included amongst the fixed assets of a company under the item “intangible assets”, and

b

raw materials and consumables within the item “stocks”.

d

in paragraph 28 (purchase price or production cost of stocks and fungible assets), in sub-paragraph (1)(a), after “assets which” insert “ , by virtue of regulation 3(1) and Section B of Part 1 of this Schedule, ”.