Accounting principles
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Memorandwm Esboniadol
13. The amount of any item must be determined on a prudent basis, and in particular—
(a)only profits realised at the balance sheet date must be included in the profit and loss account, and
(b)all liabilities which have arisen in respect of the financial year to which the accounts relate or a previous financial year must be taken into account, including those which only become apparent between the balance sheet date and the date on which it is signed on behalf of the members in accordance with section 414 of the 2006 Act (approval and signing of accounts).