Schedule 1, Part 2 Amendments to Companies (Amendment) Act 1983

In subsection (4) -

(a) in paragraph (a), insert "or by international financial reporting standards" after "Companies Acts", and

(b) substitute the following for subsection (c) and for all the words from "and in paragraph (c)" down to and including "of the company":

"(c) the net assets of a company are the aggregate of its assets less the aggregate of its liabilities;

and in paragraph (c) ‘liabilities' includes -

(i) any provision (within the meaning of the Sixth Schedule to the Principal Act) that is made in Companies Act individual accounts except to the extent that that provision is taken into account in calculating the value of any asset to the company,

(ii) any provision for liabilities within the meaning of paragraph 70 of the Schedule to the Companies (Amendment) Act 1986 that is made in Companies Act individual accounts, and

(iii) any provision that is made in IFRS individual accounts.".