- Draft legislation
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Small Companies (Micro-Entities' Accounts) Regulations 2013 No. 3008
11. In Section B of Part 2 of Schedule 1 to the 2008 Regulations (historical cost accounting rules)—
(a)in paragraph 19 (provisions for diminution in the value of assets), in sub-paragraph (1), after “set out in” insert “Section B of”;
(b)in paragraph 21 (development costs), for sub-paragraph (1) substitute—
“(1) Development costs may only in special circumstances be included in “other intangible assets” under “fixed assets” in the balance sheet formats set out in Section B of Part 1 of this Schedule.”;
(c)in paragraph 26 (assets included at a fixed amount), for sub-paragraph (1) substitute—
“(1) Subject to sub-paragraph (2), the following may be included at a fixed quantity and value in the balance sheet formats set out in Section B of Part 1 of this Schedule—
(a)assets which fall to be included amongst the fixed assets of a company under the item “intangible assets”, and
(b)raw materials and consumables within the item “stocks”.”; and
(d)in paragraph 28 (purchase price or production cost of stocks and fungible assets), in sub-paragraph (1)(a), after “assets which” insert “, by virtue of regulation 3(1) and Section B of Part 1 of this Schedule,”.
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