The Act of 1990 is amended by inserting the following in Part X:
"205C. Disclosure of accounting policies.
(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