'(1) Schedule 1 to the Political Parties, Elections and Referendums Act 2000 (c. 41) (the Electoral Commission) is amended as follows.

(2) For sub-paragraph (2) of paragraph 17 substitute-

"(2) The Commission-

(a) shall prepare accounts for each financial year, and

(b) if directed to do so by the Treasury, shall prepare accounts in relation to any matter specified in the direction."

(3) In sub-paragraph (3) of paragraph 17, for the words from the beginning to "sub-paragraph (2)" substitute "Accounts under sub-paragraph (2) shall be prepared in accordance with directions given to the Commission by the Treasury.

Directions under this sub-paragraph may".

(4) In sub-paragraph (1) of paragraph 18-

(a) for "for any financial year" substitute "under paragraph 17";

(b) for the words from "after" to the end substitute "as may be practicable after the end of the financial year to which the accounts relate or, in the case of accounts prepared in pursuance of a direction under paragraph 17(2)(b), the giving of the direction."'.