SCHEDULES
C1C2SCHEDULE 4 Form and Content of Company Accounts
Annotations:
Modifications etc. (not altering text)
Part II Accounting Principles and Rules
Section B Historical Cost Accounting Rules
Current assets
22
Subject to paragraph 23, the amount to be included in respect of any current asset shall be its purchase price or production cost.
23
1
If the net realisable value of any current asset is lower than its purchase price or production cost the amount to be included in respect of that asset shall be the net realisable value.
2
Where the reasons for which any provision for diminution in value was made in accordance with sub-paragraph (1) have ceased to apply to any extent, that provision shall be written back to the extent that it is no longer necessary.
Sch. 4 applied with modifications by S.I. 1985/680, regs. 4–6, Sch. and Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 176(9), Sch. 8 para. 19(3)(4)(5)