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Companies (Auditing and Accounting) Act 2003

Amendment of Act of 1990 — new section 205C.

43.—The Act of 1990 is amended by inserting the following in Part X:

“Disclosure of accounting policies.

205C.—(1) In this section ‘relevant undertaking’ means—

(a) a company, or

(b) an undertaking referred to in Regulation 6 of the 1993 Regulations,

but does not include a company or an undertaking of a class exempted under section 48 (1)(j) of the Act of 2003 from this section;

(2) A relevant undertaking shall disclose in the notes to its annual accounts the accounting policies adopted by the undertaking in determining—

(a) the items and amounts to be included in its balance sheet, and

(b) the amounts in its profit and loss account.

(3) The accounting policies that a relevant undertaking is required to disclose under this section include, but are not limited to, those relating to the depreciation and diminution in the value of its assets.

(4) Where a relevant undertaking fails to comply with subsection (2), each company or other entity that forms all or part of that undertaking is guilty of an offence.”.