Sections 394 to 397, 399, and 402 to 406 of the Companies Act 2006 apply in relation to an institution to which this Chapter applies, modified so that they read as follows -

"394 Duty to prepare individual accounts

Subject to section 399 (duty to prepare group accounts) the directors of an institution must prepare accounts for the institution for each of its financial years. Those accounts are referred to as the institution’s "individual accounts".

395 Individual accounts: applicable accounting framework

(1) An institution’s annual accounts may be prepared in accordance with -

(a) its parent law ("parent law individual accounts"),

(b) international accounting standards ("IAS individual accounts"), or

(c) section 396 ("overseas institutions individual accounts").

(2) An institution may only prepare parent law individual accounts if the content of such accounts includes that required by section 396.

396 Overseas institutions individual accounts

(1) Overseas institutions individual accounts must comprise -

(a) a balance sheet as at the last day of the financial year, and

(b) a profit and loss account.