107.—(1) Subject to subsection (2), every local authority or joint body shall each keep all proper and usual accounts of moneys received or spent by it, including an income and expenditure account and a balance sheet.

(2) Every local authority and joint body shall each establish and maintain financial systems, accounts, reporting and record keeping procedures, including the preparation of an annual financial statement, which are consistent with such accounting code of practice, or amendments to it, that the Minister may issue from time to time.

(3) Any accounting code of practice issued by the Minister which is current on the date of the commencement of this provision, shall be deemed to have issued in accordance with this section and be applicable to every local authority and, where appropriate, to every joint body.