(1) The committee of management of every friendly society or registered branch must prepare accounts for the society or branch for each of its financial years.

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

(2) The individual accounts of a friendly society or registered branch of a society may be prepared -

(a) in accordance with section 69B ("Friendly Societies Act individual accounts"), or

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

This subsection is subject to subsections (2A) and (3), and section 69I (consistency of accounts).

(2A) The individual accounts of -

(a) a friendly society that is a charity, or

(b) a registered branch of a friendly society that is a charity, must be Friendly Societies Act individual accounts.