(1) Where any provision of these Regulations requires -

(a) the recording of a particular item for the entirety of a financial year, and -

(i) that financial year began before the operative date of these Regulations for a society; and

(ii) the legislation in force, or, as the case may be, the requirements applying to a society by virtue of paragraph (4) during the period beginning with the start of the financial year and ending immediately before the operative date of these Regulations for a society did not require the recording of that particular item; or

(b) the recording of a particular item as at the end of a previous financial year, and -

(i) that previous financial year ended before the operative date of these Regulations for a society; and

(ii) the legislation in force or, as the case may be, the requirements applying to a society by virtue of paragraph (4) as at the end of that previous financial year did not require the recording of that partic,.