This section has no associated Explanatory Memorandum
20.—(1) Section 262 (minor definitions)() is amended as follows.
(2) In subsection (1)–
(a)at the appropriate place insert–
“ “Companies Act accounts” means Companies Act individual accounts or Companies Act group accounts;”;
(b)at the appropriate place insert–
“ “IAS accounts” means IAS individual accounts or IAS group accounts;”;
(c)at the appropriate place insert–
“ “IAS Regulation” means EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards;”();
(d)at the appropriate place insert–
“ “international accounting standards” means the international accounting standards, within the meaning of the IAS Regulation, adopted from time to time by the European Commission in accordance with that Regulation;”;
(e)at the appropriate place insert–
““profit and loss account”, in relation to a company that prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by international accounting standards;”;
(f)omit the definition of “true and fair view”.
(3) After subsection (2) insert–
“(2A) References in this Part to accounts giving a “true and fair view” are references–
(a)in the case of Companies Act individual accounts, to the requirement under section 226A that such accounts give a true and fair view;
(b)in the case of Companies Act group accounts, to the requirement under section 227A that such accounts give a true and fair view; and
(c)in the case of IAS accounts, to the requirement under international accounting standards that such accounts achieve a fair presentation.”