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Schedule 1, Part III, Section C (paras. 43-50)

Alternative accounting rules

Preliminary

43.

(1) The rules set out in Section B are referred to subsequently in this Part as the historical cost accounting rules.

(2) Those rules, with the omission of paragraphs 27, 32 to 34 and 40 to 42, are referred to subsequently in this Part as the depreciation rules; and references subsequently in this Schedule to the historical cost accounting rules do not include the depreciation rules as they apply by virtue of paragraph 46.

44. Subject to paragraphs 46 to 48, the amounts to be included in respect of assets of any description mentioned in paragraph 45 may be determined on any basis so mentioned.

Alternative accounting rules

45.

(1) Intangible fixed assets, other than goodwill, may be included at their current cost.

(2) Tangible fixed assets may be included at a market value determined as at the date of their last valuation or at their current cost.

(3) Investments of any description falling to be included under Assets items 7 (Participating i

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