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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
Version 2 of 2

72E. Duty to prepare group accounts.

(1) If at the end of a financial year a building society has subsidiary undertakings, the directors, as well as preparing individual accounts for the year, shall prepare accounts for the year for the society and those undertakings taken as a whole.

Those accounts are referred to in this Part as the society's ''group accounts''.

(2) The group accounts of certain societies are required by section 403(1) of the Companies Act 2006 to be prepared in accordance with UK-adopted international accounting standards (''IAS group accounts'').

(3) The group accounts of other societies may be prepared -

(a) in accordance with section 72F (''Building Societies Act group accounts''), or

(b) in accordance with UK-adopted international accounting standards (''IAS group accounts'').

This subsection is subject to the following provisions of this section.