For sections 72 and 73 of the 1986 Act [Sections 72 and 73 were amended by S.I. 1991/1729, S.I. 1999/248 and S.I. 2001/2617. Section 73 was also amended by section 43 of the Building Societies Act 1997.] substitute -

"72A Duty to prepare individual accounts

(1) The directors of every building society shall prepare accounts for the society for each of its financial years.

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

(2) A society's individual accounts may be prepared-

(a) in accordance with section 72B ("Building Societies Act individual accounts"), or

(b) in accordance with international accounting standards ("IAS individual accounts").

This subsection is subject to the following provisions of this section and section 72I (consistency of accounts).

(3) After the first financial year in which the directors of a building society prepare IAS individual accounts ("the first IAS year"), all subsequent individual accounts of the society must be prepared in accordance with international accounting standards unless there is a relevant change of circumstance.

(4) There is a relevant change of circumstance if, at any time during or after the first IAS year, the society ceases to have any securities admitted to trading on a regulated market.