Part I Company Accounts
Supplementary provisions
19 Accounting standards.
The following section is inserted in Part VII of the Companies Act 1985, as the beginning of a Chapter III—
Chapter III Supplementary Provisions
Accounting standards
256 Accounting standards.
1
In this Part “accounting standards” means statements of standard accounting practice issued by such body or bodies as may be prescribed by regulations.
2
References in this Part to accounting standards applicable to a company’s annual accounts are to such standards as are, in accordance with their terms, relevant to the company’s circumstances and to the accounts.
3
The Secretary of State may make grants to or for the purposes of bodies concerned with—
a
issuing accounting standards,
b
overseeing and directing the issuing of such standards, or
c
investigating departures from such standards or from the accounting requirements of this Act and taking steps to secure compliance with them.
4
Regulations under this section may contain such transitional and other supplementary and incidental provisions as appear to the Secretary of State to be appropriate.