SCHEDULES
SCHEDULE 9AForm and Content of Accounts of Insurance Companies and Groups
PART 1INDIVIDUAL ACCOUNTS
Special Rules for Balance Sheet Format
Additional items10
1
Every balance sheet of a company which carries on long term business shall show separately as an additional item the aggregate of any amounts included in Liabilities item A (capital and reserves) which are required not to be treated as realised profits under Article 276.
2
A company which carries on long term business shall show separately, in the balance sheet or in the notes to the accounts, the total amount of assets representing the long term fund valued in accordance with the provisions of this Schedule.
Managed funds11
1
For the purposes of this paragraph “managed funds” are funds of a group pension fund—
F2a
the management of which constitutes long term insurance business, and
b
which the company administers in its own name but on behalf of others, and
c
to which it has legal title.
2
The company shall, in any case where assets and liabilities arising in respect of managed funds fall to be treated as assets and liabilities of the company, adopt the following accounting treatment: assets and liabilities representing managed funds are to be included in the company's balance sheet, with notes to the accounts disclosing the total amount included with respect to such assets and liabilities in the balance sheet and showing the amount included under each relevant balance sheet item in respect of such assets or (as the case may be) liabilities.
Deferred acquisition costs12
The costs of acquiring insurance policies which are incurred during a financial year but which relate to a subsequent financial year shall be deferred in a manner specified in Note (17) on the balance sheet format.