SCHEDULES
F1X1 SCHEDULE 8FORM AND CONTENT OF ACCOUNTS PREPARED BY SMALL COMPANIES
Annotations:
Editorial Information
Amendments (Textual)
F1
Sch. 8 substituted (1.3.1997) by S.I. 1997/220, reg. 2(2), Sch. 1
PART II ACCOUNTING PRINCIPLES AND RULES
Section B Historical Cost Accounting Rules
Miscellaneous and supplementary provisions
Excess of money owed over value received as an asset item
F224
1
Where the amount repayable on any debt owed by a small company is greater than the value of the consideration received in the transaction giving rise to the debt, the amount of the difference may be treated as an asset.
2
Where any such amount is so treated—
a
it shall be written off by reasonable amounts each year and must be completely written off before repayment of the debt; and
b
if the current amount is not shown as a separate item in the company’s balance sheet it must be disclosed in a note to the accounts.
Sch. 8: the earliest available versions of Sch. 8 and its contents are those having effect on 16.11.1992