Disclosure of accounting policies
2. The accounting policies adopted by the undertaking in determining the amounts to be included in respect of items shown in the balance sheet and in determining the profit or loss of the undertaking shall be stated, including such policies with respect to the depreciation and diminution in value of assets.
3. If there are changes to the accounting policies adopted by the undertaking from one year to the next, these changes shall be stated together with the reasons for the changes and their effect on the accounts of the undertaking.
Sums denominated in foreign currencies
4. Where any sums originally denominated in a currency other than the currency of the State have been brought into accounts under any items shown in the balance sheet format (which is set out in Chapter 2 of Part 1 of this Schedule) or the profit and loss account format (which is so set out), the basis on which those sums have been translated into Irish Pounds, or the currency in