sec.142Requirements applying to accounts

sec.142 Requirements applying to accounts

The directors of a society must ensure the accounts— comply with the requirements prescribed under a regulation or in a standard; and comply with applicable accounting standards. The registrar may, by gazette notice, declare an accounting standard to be an applicable accounting standard for a society’s accounts, with the changes stated in the notice. The registrar may, by gazette notice, vary or revoke the notice. If accounts prepared under subsection (1) would not otherwise give a true and fair view of the matters required by this section to be dealt with in the accounts, the society’s directors must add the information and explanations necessary to give a true and fair view of the matters. s 142 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.142-ssec.1) The directors of a society must ensure the accounts— comply with the requirements prescribed under a regulation or in a standard; and comply with applicable accounting standards. (sec.142-ssec.2) The registrar may, by gazette notice, declare an accounting standard to be an applicable accounting standard for a society’s accounts, with the changes stated in the notice. (sec.142-ssec.3) The registrar may, by gazette notice, vary or revoke the notice. (sec.142-ssec.4) If accounts prepared under subsection (1) would not otherwise give a true and fair view of the matters required by this section to be dealt with in the accounts, the society’s directors must add the information and explanations necessary to give a true and fair view of the matters.

• (a) comply with the requirements prescribed under a regulation or in a standard; and
• (b) comply with applicable accounting standards.