Accounting for friendly, industrial, provident or mutual societies is a specialist area that requires expertise and an understanding of the sector. On this page you can access a range of articles, books and online resources providing quick links to practical guidance and background knowledge.
Online articles
The library provides access to a range of articles in full text from leading business, finance and management journals.
You will need to be logged-in to the website to gain full access to the range of articles available online.
Useful links
Information and guidance
The Audit of Friendly Societies in the United Kingdom
The full text of Practice Note 24 (Revised), prepared by the Auditing Practices Board and published in July 2011. The revised guidance reflects the provisions of the clarified ISAs and changes in legislation and regulation. It contains enhanced guidance on auditing accounting estimates, materiality and evaluation of misstatements identified during the audit.
The Audit of Friendly Societies in the United Kingdom (Revised)
The full text of the Practice Note 24 as revised in January 2007. The document includes examples of auditors reports.
Financial Services Authority (FSA)
Friendly Societies Commission Fact Sheet (PDF 36kb/18 pages)
Guide, originally produced in February 1999 by the Friendly Societies Commission, giving background information on friendly societies, the definition of a society and the future of friendly societies under the FSA.
Industrial & Provident Societies
Registration forms, notes and guidance for industrial and provident societies registered under the Industrial and Provident Societies Act 1965.
Mutual Societies
Information on registering as and recording documents for mutual societies with the FSA. This includes:
- new industrial and provident societies;
- existing industrial and provident societies;
- friendly societies and certain other types of mutual societies registered under the Friendly Societies Act 1974;
- building societies;
- credit unions.
HM Treasury
Regulatory issues for Industrial and Provident Societies
Consultation documents published in September 2004 on locked assets and increasing the audit threshold for non-charitable societies.
Updating the accounting framework for friendly societies
Consultation documents published in August 2005 that look at how the EU Regulation on International Accounting Standards and the Modernisation Directive should be handled for friendly societies.
Legislation
Deregulation (Friendly Societies Act 1992) Order 1996
Full text of the Statutory Instrument 1996 No. 1188.
Financial Services and Markets Act 2000: Part XXI
Full text of the section of the Act dealing with mutual societies, which includes friendly societies.
Friendly and Industrial and Provident Societies Act 1968 (Audit Exemption) (Amendment) Order 2006
Full text of the Statutory Instrument 2006 No. 265.
Friendly Societies Act 1992
Full text of the Act.
Organisations
Association of Financial Mutuals (AFM)
c Comprehensive website featuring key facts, consultation responses and directory of members.
Friendly Societies Research Group (FSRG)
Organisation dedicated to collating and coordinating the exchange of information on friendly societies, with the aim to ‘promote research into the history and operation of friendly societies’. The site includes an archive of the FRSG newsletter and details of their research.
Articles and books in the Library collection
To find out how you can borrow books from the Library please see our guide to book loans.
You can obtain copies of articles or extracts of books and reports by post, fax or email through our document delivery service.
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