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This is the original version (as it was originally enacted). This item of legislation is currently only available in its original format.
Accounting principles
10The company shall be presumed to be carrying on business as a going concern.
11Accounting policies shall be applied consistently from one financial year to the next.
12The amount of any item shall be determined on a prudent basis, and in particular—
(a)only profits realised at the balance sheet date shall be included in the profit and loss account; and
(b)all liabilities and losses which have arisen or are likely to arise in respect of the financial year to which the accounts relate or a previous financial year shall 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 board of directors in pursuance of section 238 of this Act.
13All income and charges relating to the financial year to which the accounts relate shall be taken into account, without regard to the date of receipt or payment
14In determining the aggregate amount of any item the amount of each individual asset or liability that falls to be taken into account shall be determined separately.
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