The Accounting Standards (Prescribed Body) Regulations 2008

Statutory Instruments

2008 No. 651

Companies

The Accounting Standards (Prescribed Body) Regulations 2008

Made

5th March 2008

Coming into force

6th April 2008

The Secretary of State makes the following Regulations in exercise of the powers conferred by section 464(1) and (3) of the Companies Act 2006(1):

Citation and commencement

1.  These Regulations may be cited as the Accounting Standards (Prescribed Body) Regulations 2008 and come into force on 6th April 2008.

Prescribed body

2.  The body known as the Accounting Standards Board established under the articles of association of The Financial Reporting Council Limited(2) is hereby prescribed for the purposes of section 464 of the Companies Act 2006.

Revocation

3.  The Accounting Standards (Prescribed Body) Regulations (Northern Ireland) 1990(3) and the Accounting Standards (Prescribed Body) Regulations 2005(4) are hereby revoked.

Transitional Provision

4.  Statements of standard accounting practice which immediately before 6th April 2008 have been issued and not withdrawn by the former body known as the Accounting Standards Board for the purposes of section 256 of the Companies Act 1985(5) or Article 264 of the Companies (Northern Ireland) Order 1986(6)shall be treated on and after that date as statements of standard accounting practice issued by the Accounting Standards Board for the purposes of section 464 of the Companies Act 2006.

Gareth Thomas

Parliamentary Under Secretary of State for Trade and Consumer Affairs,

Department for Business, Enterprise and Regulatory Reform

5th March 2008

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations prescribe the Accounting Standards Board established under the articles of association of The Financial Reporting Council Limited for the purposes of section 464 of the Companies Act 2006. The Regulations extend to the whole of the United Kingdom, reflecting the extent of the Companies Act 2006.

Statements of standard accounting practice issued by a body so prescribed are “accounting standards” for the purposes of the provisions of Part 15 of the Companies Act 2006 (accounts and audit).

Regulation 3 revokes the Accounting Standards (Prescribed Body) Regulations 2005 and the Accounting Standards (Prescribed Body) Regulations (Northern Ireland) 1990 under which the Accounting Standards Board as established under the articles of association of the Accounting Standards Board Limited was prescribed for the purposes of section 256 of the Companies Act 1985 and Article 264 of the Companies (Northern Ireland) Order 1986.

Regulation 4 makes a transitional provision in relation to statements of standard accounting practice issued by the Accounting Standards Board for the purposes of section 256 of the Companies Act 1985 and Article 264 of the Companies (Northern Ireland) Order 1986.

An Impact Assessment has not been produced for these Regulations as they have no impact on the costs of business, charities or voluntary bodies.

(1)

2006 c.46.

(2)

Registered number 02486368.

(3)

S.R. 1990/338.

(4)

S.I. 2005/697.

(5)

1985 c.6.

(6)

S.I. 1986/1032 (N.I. 6).