SCHEDULES

F2SCHEDULE 8FORM AND CONTENT OF ACCOUNTS PREPARED BY SMALL COMPANIES

Annotations:
Amendments (Textual)
F2

SR 1997/436

PART IIACCOUNTING PRINCIPLES AND RULES

SECTION BHISTORICAL COST ACCOUNTING RULES

Miscellaneous and supplementary provisions

Assets included at a fixed amount25

1

Subject to the following sub-paragraph, assets which fall to be included—

a

amongst the fixed assets of a small company under the item “tangible assets”; or

b

amongst the current assets of a small company under the item “raw materials and consumables”;

may be included at a fixed quantity and value.

2

Sub-paragraph (1) applies to assets of a kind which are constantly being replaced, where—

a

their overall value is not material to assessing the company's state of affairs; and

b

their quantity, value and composition are not subject to material variation.