14. In Article 265 of the 1986 Order (power of Department to alter accounting requirements), after paragraph (4) insert—
“(4A) Regulations under this Article may also make provision—
(a)for the issuing, by such body or bodies as may be specified, of standards in relation to matters to be contained in reports which are required by this Part to be prepared by the directors of a company;
(b)for directors of a company who have complied with any such standard, or any of its provisions, in relation to any such report, to be presumed (unless the contrary is proved) to have complied with any requirements of this Part relating to the contents of the report to which the standard or provision relates.
(4B) In paragraph (4A) “specified” means specified in an order made by the Department; and such an order—
(a)shall be made subject to negative resolution;
(b)may contain such transitional provisions as the Department thinks fit.”.