Part 7Accounts, audit and annual returns
Year of account
C1C277Year of account: societies registered on or after 8 January 2012
1
This section applies to a registered society registered on or after 8 January 2012.
2
The society's first year of account is the period of more than 6 months but not more than 18 months that—
a
begins with the date of the society's registration, and
b
ends with its accounting reference date.
3
Each subsequent year of account—
a
begins immediately after the end of the previous year of account, and
b
ends with its next accounting reference date.
4
In each calendar year, the society's “accounting reference date” is (subject to subsection (5)) the last day of the month in which the anniversary of the society's registration falls.
5
The society may by notice to the FCA specify a new accounting reference date having effect in relation to its current and subsequent years of account.
6
A notice under subsection (5) must state whether the current year of account—
a
is to be shortened, so as to come to an end on the first occasion on which the new accounting reference date falls or fell after the beginning of the year of account, or
b
is to be extended, so as to come to an end on the second such occasion.
7
A notice extending the current year of account has no effect if—
a
it is given less than 5 years after the end of a year of account that was extended under this section, or
b
it would extend the year of account so that it would exceed 18 months.
8
If the society is dissolved by an instrument of dissolution under section 119, its last year of account ends with the date of the instrument of dissolution.