ADVOKS GLOBAL · KENYA
The Companies (General) Regulations
28. Payments accounted for not to be included until liability released or not enforced
Edition: 2022-12-31 · In force
28. Payments accounted for not to be included until liability released or not enforced
(1)For the purposes of this Division, an amount shown in the notes to the financial statements of a company is not to include the amount of a payment—(a)that is to be accounted for to the company or any subsidiary undertaking of the company; or(b)that is to be accounted for under section 187 of the Act (Payments made without approval: civil consequences) – to those who have sold their shares as a result of a takeover offer (within the meaning of section 584 of the Act) made.(2)If—(a)the amount of any payment received in a financial year is not shown in the notes to the financial statements for that year on the ground that the person receiving the payment is liable to account for it; and(b)the liability is, wholly or partly, released subsequently or is not enforced within 2 years after the date on which the payment is received by the person,the amount of the payment must (to the extent that the liability is so released or not enforced) be shown in the notes to the first financial statements in which it is practicable to show it, and is required to be distinguished from the amounts to be shown apart from this provision.