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Regulation 19

SCHEDULE 1U.K.Consequential amendments and transitional provision relating to the adoption of international accounting standards in the United Kingdom

This schedule has no associated Explanatory Memorandum

PART 1U.K.Amendments to Primary Legislation

CHAPTER 1U.K.Amendments to the Companies Act 2006

Amendments to the Companies Act 2006U.K.

1.  The Companies Act 2006 M1 is amended in accordance with this Chapter.

Commencement Information

I1Sch. 1 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

Companies qualifying as small: parent companiesU.K.

2.  In section 383(6), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I2Sch. 1 para. 2 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Duty to keep accounting recordsU.K.

3.  In section 386(2)(c) and (5), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I3Sch. 1 para. 3 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Where and for how long records to be keptU.K.

4.  In section 388(3)(b), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I4Sch. 1 para. 4 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Individual accounts: exemption for dormant subsidiariesU.K.

5.  In section 394A(2)(c)(ii) M2, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I5Sch. 1 para. 5 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M2Section 394A was inserted by S.I. 2012/2301.

Individual accounts: applicable accounting frameworkU.K.

6.  In section 395(1)(b) and (3) M3, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I6Sch. 1 para. 6 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M3Section 395(3) was amended by S.I. 2012/2301.

IAS individual accountsU.K.

7.  In section 397(2) M4, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I7Sch. 1 para. 7 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M4Section 397 was substituted by S.I. 2015/980.

Exemption for company included in EEA group accounts of larger groupU.K.

8.  In section 400(2)(b)(ii), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I8Sch. 1 para. 8 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Exemption for company included in non-EEA group accounts of larger groupU.K.

9.  In section 401(2)(b)(iii) M5, for “international accounting standards adopted pursuant to the IAS Regulation” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I9Sch. 1 para. 9 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M5Section 401(2)(b) was substituted by S.I. 2015/980.

Group accounts: applicable accounting frameworkU.K.

10.  In section 403 M6

(a)for subsection (1) substitute—

(1) The group accounts of a parent company whose securities are, on its balance sheet date, admitted to trading on a UK regulated market must be prepared in accordance with UK-adopted international accounting standards (“IAS group accounts”).;

(b)in subsections (2)(b) and (4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I10Sch. 1 para. 10 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M6Section 403(4) was amended by S.I. 2012/2301.

IAS group accountsU.K.

11.  In section 406(2) M7, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I11Sch. 1 para. 11 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M7Section 406 was substituted by S.I. 2015/980.

Approval and signing of accountsU.K.

12.  In section 414(4), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I12Sch. 1 para. 12 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Dormant subsidiaries exempt from obligation to file accountsU.K.

13.  In section 448A(2)(c)(ii) M8, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I13Sch. 1 para. 13 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M8Section 448A was inserted by S.I. 2012/2301. There are no relevant amendments.

Voluntary revision of accounts etc.U.K.

14.  In section 454(1) M9 and (2)(a), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I14Sch. 1 para. 14 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M9Section 454(1) was amended by S.I. 2013/1970.

Secretary of State's notice in respect of accounts or reportsU.K.

15.  In section 455(1) M10 and (4)(b), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I15Sch. 1 para. 15 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M10Section 455(1) was amended by S.I. 2013/1970.

Application to court in respect of defective accounts or reportsU.K.

16.  In section 456(1) M11, (5) and (6), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I16Sch. 1 para. 16 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M11Section 456(1) was amended by S.I. 2013/1970.

Other persons authorised to apply to the courtU.K.

17.  In section 457(1)(a) M12, omit “(or, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I17Sch. 1 para. 17 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M12Section 457(1)(a) was amended by S.I. 2013/1970.

Power of authorised person to require documents, information and explanationsU.K.

18.  In section 459(1) M13, omit “(or, where applicable, of Article 4 of the IAS Regulation)”.

Commencement Information

I18Sch. 1 para. 18 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M13Section 459(1) was amended by S.I. 2013/1970.

Companies qualifying as medium-sized: parent companiesU.K.

19.  In section 466(6), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I19Sch. 1 para. 19 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Notes to the accountsU.K.

20.  In section 472(2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I20Sch. 1 para. 20 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Minor definitionsU.K.

21.  In section 474(1) M14

(a)omit the definition of “IAS Regulation”;

(b)in the definition of “international accounting standards”, for “the IAS Regulation, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ Article 2 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ”;

(c)in the definition of “profit and loss account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(d)after the definition of “UCITS management company” insert—

UK-adopted international accounting standards” means the international accounting standards which are adopted for use within the United Kingdom by virtue of Chapter 2 or 3 of Part 2 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019..

Commencement Information

I21Sch. 1 para. 21 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M14There are amendments to section 474(1) but none is relevant.

Subsidiary companies: conditions for exemption from auditU.K.

22.  In section 479A(2)(c)(ii) M15, for “international accounting standards” substitute “ UK-adopted international accounting standards (within the meaning given by section 474(1)) ”.

Commencement Information

I22Sch. 1 para. 22 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M15Section 479A was inserted by S.I. 2012/2301. There are no relevant amendments.

Auditor's report on company's annual accountsU.K.

23.  In section 495(3)(c), omit “(and, where applicable, Article 4 of the IAS Regulation)”.

Commencement Information

I23Sch. 1 para. 23 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Supplementary accounting statement (merger)U.K.

24.  In section 910(3), omit “(and where relevant Article 4 of the IAS Regulation)”.

Commencement Information

I24Sch. 1 para. 24 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Supplementary accounting statement (division)U.K.

25.  In section 925(3), omit “(and where relevant Article 4 of the IAS Regulation)”.

Commencement Information

I25Sch. 1 para. 25 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Index of defined expressionsU.K.

26.  In Schedule 8, in the index of defined expressions—

(a)omit the entry for “IAS Regulation (in Part 15)”;

(b)after the entry for “UCITS management company”, insert—

UK-adopted international accounting standards (in Part 15)section 474(1).

Commencement Information

I26Sch. 1 para. 26 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

CHAPTER 2U.K.Amendments to other primary legislation

Amendments to the Building Societies Act 1986U.K.

27.  The Building Societies Act 1986 M16 is amended in accordance with paragraphs 28 to 37.

Commencement Information

I27Sch. 1 para. 27 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

28.  In section 61 (directors: supplementary provisions as to elections, etc), in subsection (3A) M17, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.

Commencement Information

I28Sch. 1 para. 28 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M17Subsection (3A), along with subsection (4), was substituted for section (4) as originally enacted by section 28 of the Building Societies Act 1997 (c. 32). Subsection (3A) was also amended by S.I. 2004/3380.

29.  In section 71 (accounting records), in subsections (2)(c) and (d) M18, for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework) ”.U.K.

Commencement Information

I29Sch. 1 para. 29 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M18Section 71(2)(c) and (d) were amended by S.I. 2004/3380.

30.  In section 72A (duty to prepare individual accounts) M19U.K.

(a)in subsection (2), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”;

(b)in subsection (3), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.

Commencement Information

I30Sch. 1 para. 30 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M19Section 72A, with sections 72B to 72I, was substituted for sections 72 and 73 as originally enacted by S.I. 2004/3380.

31.  In section 72D (IAS individual accounts) M20, for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.U.K.

Commencement Information

I31Sch. 1 para. 31 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M20Section 72D was substituted by S.I. 2004/3380.

32.  In section 72E (duty to prepare group accounts) M21U.K.

(a)in subsection (2)—

(i)for “Article 4 of the IAS Regulation”, substitute “ section 403(1) of the Companies Act 2006 ”;

(ii)for “international accounting standards”, substitute “ UK-adopted international accounting standards ”;

(b)in subsection (3), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”;

(c)in subsection (4), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.

Commencement Information

I32Sch. 1 para. 32 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M21Section 72E was substituted by S.I. 2004/3380.

33.  In section 72H (IAS group accounts) M22, for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.U.K.

Commencement Information

I33Sch. 1 para. 33 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M22Section 72H was substituted by S.I. 2004/3380.

34.  In section 78 (auditor's report) M23, in subsection (4)(c), for “Article 4 of the IAS Regulation”, substitute “ section 403(1) of the Companies Act 2006 ”.U.K.

Commencement Information

I34Sch. 1 para. 34 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M23The heading to section 78 was substituted by S.I. 2008/1519, and subsection (4) was substituted by S.I. 2017/516; there are other amendments but none is relevant.

35.  In section 81B (interpretation of Part 8) M24U.K.

(a)in subsection (1)—

(i)omit the definition of “IAS Regulation”;

(ii)in the definition of “income and expenditure account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(iii)omit the definition of “international accounting standards”;

(iv)after the definition of “income and expenditure account”, insert—

UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;;

(b)in subsection (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I35Sch. 1 para. 35 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M24Section 81B was inserted by S.I. 2004/3380; there are other amending instruments but none is relevant.

36.  In Schedule 2 (establishment, incorporation and constitution of building societies), in paragraph 31(2)(a) (members' right to propose and circulate resolutions: the requisite number of members) M25, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.

Commencement Information

I36Sch. 1 para. 36 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M25Paragraph 31(2)(a)(i) was substituted by S.I. 1997/2840, and amended by S.I. 1999/3033 and 2004/3380.

37.  In Schedule 10B (disclosures about related undertakings required in note to accounts) M26, in—U.K.

(a)paragraph 3(3)(b) (financial information about subsidiary undertakings),

(b)paragraphs 6(4)(b) and 7(4)(b) (significant holdings in undertakings other than subsidiary undertakings: information requirements),

(c)paragraph 11(3)(b) (financial information about subsidiary undertakings not included in the consolidation) and

(d)paragraphs 14(4)(b), 15(3)(b), 17(4)(b) and 18(3)(b) (other significant holdings of society or group: information requirements),

for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I37Sch. 1 para. 37 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M26Schedule 10B was inserted by S.I. 2004/3380; there are amending instruments but none is relevant.

Amendments to the Friendly Societies Act 1992U.K.

38.  The Friendly Societies Act 1992 M27 is amended in accordance with paragraphs 39 to 46.

Commencement Information

I38Sch. 1 para. 38 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

39.  In section 68 (accounting records), in subsection (2)(b) M28 and (c) M29, for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework) ”.U.K.

Commencement Information

I39Sch. 1 para. 39 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M28Section 68(2)(b) was amended by S.I. 2005/2211.

M29Section 68(2)(c) was amended by S.I. 2005/2211.

40.  In section 69A (duty to prepare individual accounts) M30U.K.

(a)in subsection (2)(b), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in subsection (3), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(c)in subsection (4)(a), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I40Sch. 1 para. 40 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M30Section 69A was substituted, together with sections 69B to 69I, by S.I. 2005/2211; there are amending instruments but none is relevant.

41.  In section 69D (IAS individual accounts) M31, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.

Commencement Information

I41Sch. 1 para. 41 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M31Section 69D was substituted by S.I. 2005/2211.

42.  In section 69E (duty to prepare group accounts) M32U.K.

(a)in subsection (2)—

(i)for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 ”;

(ii)for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in subsection (3)(b), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(c)in subsection (4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(d)in subsection (5)(a), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I42Sch. 1 para. 42 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M32Section 69E was substituted by S.I. 2005/2211; there are amending instruments but none is relevant.

43.  In section 69H (IAS group accounts) M33, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.

Commencement Information

I43Sch. 1 para. 43 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M33Section 69H was substituted by S.I. 2005/2211.

44.  In section 73 (auditor's report) M34, in subsection (5B)(c), for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework) ”.U.K.

Commencement Information

I44Sch. 1 para. 44 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M34The section heading of section 73 was substituted by S.I. 2008/1140; subsection (5B) was substituted along with subsections (5A) to (5D) for subsection (5) as originally enacted by S.I. 2005/2211; subsection (5B) was then substituted along with subsections (5A) to (5C) by S.I. 2017/516. There are other amending instruments but none is relevant.

45.  In section 78A (interpretation of Part 6) M35U.K.

(a)in subsection (1)—

(i)omit the definition of “IAS Regulation”;

(ii)in the definition of “income and expenditure account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(iii)omit the definition of “international accounting standards”;

(iv)after the definition of “senior statutory auditor” insert—

UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;;

(b)in subsection (2)(c), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I45Sch. 1 para. 45 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M35Section 78A was inserted by S.I. 2005/2211 and amended by S.I. 2008/1140; there are other amending instruments but none is relevant.

46.  In Schedule 13E (disclosures about related undertakings) M36U.K.

(a)in paragraph 3(3)(b) (financial information about subsidiary undertakings),

(b)in paragraph 7(4)(b) (significant holdings in bodies corporate other than subsidiary undertakings: information requirements) and

(c)in paragraphs 14(4)(b), 15(3)(b) and 18(3)(b) (other significant holdings of society or group: information requirements),

for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I46Sch. 1 para. 46 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M36Schedule 13E was inserted by S.I. 2005/2211; there are amending instruments but none is relevant.

Amendments to the Government Resources and Accounts Act 2000U.K.

47.  The Government Resources and Accounts Act 2000 M37 is amended in accordance with paragraphs 48 and 49.

Commencement Information

I47Sch. 1 para. 47 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

48.  In section 5(4)(a) (departmental resource accounts: preparation: relevant guidance) M38, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.

Commencement Information

I48Sch. 1 para. 48 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M38Section 5(4)(a) was amended by S.I. 2004/2497 and 2008/948.

49.  In section 9(5)(a) (whole of government accounts: preparation: relevant guidance) M39, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.

Commencement Information

I49Sch. 1 para. 49 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M39Section 9(5)(a) was amended by S.I. 2004/2497 and 2008/948.

Amendments to the Government Resources and Accounts Act (Northern Ireland) 2001U.K.

50.  The Government Resources and Accounts Act (Northern Ireland) 2001 M40 is amended in accordance with paragraphs 51 and 52.

Commencement Information

I50Sch. 1 para. 50 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

51.  In section 9(4)(a) (departmental resource accounts: preparation: relevant guidance) M41, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.

Commencement Information

I51Sch. 1 para. 51 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M41Section 9(4)(a) was amended by S.R. 2004 No. 496.

52.  In section 14(5)(a) (whole of government accounts: preparation: relevant guidance) M42, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.

Commencement Information

I52Sch. 1 para. 52 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M42Section 14(5)(a) was amended by S.R. 2004 No. 496.

PART 2U.K.Amendments to Subordinate Legislation

Amendment to the Friendly Societies (Accounts and Related Provisions) Regulations 1994U.K.

53.  In the Friendly Societies (Accounts and Related Provisions) Regulations 1994 M43, in Schedule 6 (accounting principles and rules), in paragraph 24A(3A) M44 (inclusion of financial instruments at fair value) for the words “international accounting standards adopted by the European Commission on or before 5th September 2006 in accordance with the IAS Regulation” substitute “ UK-adopted international accounting standards within the meaning of section 474(1) of the Companies Act 2006 ”.

Commencement Information

I53Sch. 1 para. 53 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M44Paragraph 24A, together with paragraphs 24B to 24F, was inserted by S.I. 2005/2210. Sub-paragraph (3A) was inserted by S.I. 2008/1144. Other amendments have been made to paragraph 24A but none is relevant.

Amendment to the Building Societies (Accounts and Related Provisions) Regulations 1998U.K.

54.  In the Building Societies (Accounts and Related Provisions) Regulations 1998 M45, in Schedule 7 (accounting principles and rules), in paragraph 31A(3A) M46 (inclusion of financial instruments at fair value), for “international accounting standards adopted by the European Commission on or before 5th September 2006 in accordance with the IAS Regulation” substitute “ UK-adopted international accounting standards within the meaning of section 474(1) of the Companies Act 2006 ”.

Commencement Information

I54Sch. 1 para. 54 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M46Paragraph 31A, together with paragraphs 31B to 31F, was inserted by S.I. 2004/3199. Sub-paragraph (3A) was inserted by S.I. 2008/1143. Other amendments have been made to paragraph 31A but none is relevant.

Amendments to the Companies (Revision of Defective Accounts and Reports) Regulations 2008U.K.

55.—(1) The Companies (Revision of Defective Accounts and Reports) Regulations 2008 M47 are amended as follows.

(2) In regulation 3 (content of revised accounts or revised report)—

(a)in paragraph (1), omit “and, where applicable, Article 4 of the IAS Regulation”;

(b)in paragraph (2)(b), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(3) In regulation 7 (auditor's report on revised accounts and revised report)—

(a)in paragraph (1A)(b), omit “(and, where applicable, Article 4 of the IAS Regulation)”;

(b)in paragraph (3), omit “and, where applicable, Article 4 of the IAS Regulation”.

Commencement Information

I55Sch. 1 para. 55 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M47S.I. 2008/373, amended by S.I. 2017/1164; there are other amending instruments but none is relevant.

Amendments to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008U.K.

56.  In Schedule 1 (Companies Act individual accounts) to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 M48

(a)in Part 2 (accounting principles and rules), in paragraph 36(4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in Part 3 (notes to the accounts), in paragraph 66(5), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I56Sch. 1 para. 56 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M48S.I. 2008/409, amended by S.I. 2015/980; there are other amending instruments but none is relevant.

Amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008U.K.

57.—(1) The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 M49 are amended as follows.

(2) In Schedule 1 (Companies Act individual accounts: companies which are not banking or insurance companies)—

(a)in Part 2 (accounting principles and rules), in paragraph 36(4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in Part 3 (notes to the accounts), in paragraph 72(5), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(3) In Schedule 2 (banking companies: Companies Act individual accounts)—

(a)in Part 2 (accounting principles and rules), in paragraph 44(4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in Part 3 (notes to the accounts), in paragraph 92(5), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(4) In Schedule 3 (insurance companies: Companies Act individual accounts)—

(a)in Part 2 (accounting principles and rules), in paragraph 30(4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in Part 3 (notes to the accounts), in paragraph 90(5), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I57Sch. 1 para. 57 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M49S.I. 2008/410, amended by S.I. 2015/980; there are other amending instruments but none is relevant.

Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008U.K.

58.—(1) The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 M50 are amended as follows.

(2) In regulation 5 (LLPs subject to the small LLPs regime) M51, in the modified version of section 383 (LLPs qualifying as small: parent LLPs), in subsection (6), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(3) In regulation 9 (individual accounts) M52

(a)in the modified version of section 394A (individual accounts: exemption for dormant subsidiaries), in subsection (2)(c)(ii), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in the modified version of section 395 (individual accounts: applicable accounting framework), in subsections (1)(b) and (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(c)in the modified version of section 397 (IAS individual accounts), in subsection (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(4) In regulation 10 (group accounts) M53

(a)in the modified version of section 400 (exemption for LLP included in EEA group accounts of larger group), in subsection (2)(b)(ii), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in the modified version of section 401 (exemption for LLP included in non-EEA group accounts of larger group), in subsection (2)(b)(iii), for “international accounting standards adopted pursuant to the IAS Regulation” substitute “ UK-adopted international accounting standards ”;

(c)in the modified version of section 403 (group accounts: applicable accounting framework)—

(i)in subsections (1)(b) and (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(d)in the modified version of section 406 (IAS group accounts), in subsection (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(5) In regulation 26 (medium-sized LLPs) M54, in the modified version of section 466 (LLPs qualifying as medium-sized: parent LLPs), in subsection (6), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(6) In regulation 30 (notes to the accounts) M55, in the modified version of section 472, in subsection (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

(7) In regulation 32 (minor definitions) M56, in the modified version of section 474, in subsection (1)—

(a)omit the definition of “IAS Regulation”;

(b)in the definition of “international accounting standards”, for “the IAS Regulation, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ Article 2 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ”;

(c)in the definition of “profit and loss account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(d)after the definition of “UCITS management company”, insert—

UK-adopted international accounting standards” means the international accounting standards which are adopted for use within the United Kingdom by virtue of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019..

(8) In regulation 34A (exemption from audit: qualifying subsidiaries) M57, in the modified version of section 479A (subsidiary LLPs: conditions for exemption from audit), in subsection (2)(c)(ii), for “international accounting standards” substitute “ UK-adopted international accounting standards (within the meaning given by section 474(1)) ”.

Commencement Information

I58Sch. 1 para. 58 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M51Relevant amendments were made to regulation 5 by S.I. 2016/575.

M52Relevant amendments were made to regulation 9 by S.I. 2012/2301 and 2016/575.

M53Relevant amendments were made to regulation 10 by S.I. 2012/2301 and 2016/575.

M54There are amendments to regulation 26 but none is relevant.

M55Regulation 30 was amended by S.I. 2016/575.

M56Regulation 32 was amended by S.I. 2009/1342, 2009/1804, 2011/99, 2012/1439, 2013/472 and 2016/575.

M57Regulation 34A was inserted by S.I. 2012/2301. There are amendments but none is relevant.

Amendments to the Small Limited Liability Partnerships (Accounts) Regulations 2008U.K.

59.  In the Small Limited Liability Partnerships (Accounts) Regulations 2008 M58, in Schedule 1 (non-IAS individual accounts)—

(a)in Part 2 (accounting principles and rules), in paragraph 36(4) M59, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in Part 3 (notes to the accounts), in paragraph 64(5) M60, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I59Sch. 1 para. 59 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M59Paragraph 36(4) was substituted by S.I. 2016/575.

M60Paragraph 64 was inserted by S.I. 2016/575.

Amendments to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008U.K.

60.  In the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 M61, in Schedule 1 (non-IAS individual accounts)—

(a)in Part 2 (accounting principles and rules), in paragraph 36(4) M62, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;

(b)in Part 3 (notes to the accounts), in paragraph 70(5), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I60Sch. 1 para. 60 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M62Paragraph 36(4) was substituted by S.I. 2016/575.

Amendments to the Reports on Payments to Governments Regulations 2014U.K.

61.  In the Reports on Payments to Governments Regulations 2014 M63, in regulation 10 (exemption from duty to prepare a consolidated report), in paragraph (4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.

Commencement Information

I61Sch. 1 para. 61 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M63S.I. 2014/3209, to which there are amendments but none is relevant.

PART 3U.K.Amendments to EU Regulation

Amendments to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standardsU.K.

62.  In Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards, omit all Articles other than Article 2.

Commencement Information

I62Sch. 1 para. 62 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Amendments to Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositoriesU.K.

63.—(1) Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories [F1as [F2it forms part of retained EU law]] is amended as follows.

(2) In Article 3 (intragroup transactions), for point (3)(a) substitute—

(a)included in a consolidation in accordance with:

(i)legislation of the United Kingdom that was relied upon immediately before [F3IP completion day] to implement Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC M64;

(ii)UK-adopted international accounting standards, having the meaning given by section 474(1) of the Companies Act 2006; or

(iii)in relation to a group the parent undertaking of which has its head office in a third country, the generally accepted accounting principles of a third country determined to be equivalent to—

(aa)International Financial Reporting Standards by the Commission before [F4IP completion day] in accordance with Regulation (EC) No. 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council M65; or

(ab)UK-adopted international accounting standards (within the meaning of section 474(1) of the Companies Act 2006) in accordance with regulations made by the Treasury after [F4IP completion day] under Regulation (EC) No. 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council;.

Textual Amendments

F2Words in Sch. 1 para. 63(1) substituted (31.12.2020 immediately before IP completion day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 62

F3Words in Sch. 1 para. 63(2) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(a)(i)

F4Words in Sch. 1 para. 63(2) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(a)(ii)

Commencement Information

I63Sch. 1 para. 63 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M64OJ L 182, 29.6.2013, p. 19.

M65OJ L 340 22.12.2007, p. 66.

PART 4U.K.Transitional provision: IAS accounts and first IAS year

CompaniesU.K.

64.—(1) Where a company's individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of the Companies Act 2006, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act.

(2) Where, in the last financial year of a company to begin before [F5IP completion day], the company's individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of that Act, section 395(3) and (4) of that Act have effect in relation to the company as if the references to the first IAS year were to that financial year.

(3) Where the group accounts of a company are prepared in accordance with the pre-commencement version of section 403(2)(b) of the Companies Act 2006, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act.

(4) Where, in the last financial year of a company to begin before [F6IP completion day], the group accounts of the company are prepared in accordance with the pre-commencement version of section 403(2)(b) of that Act, section 403(4) and (5) of that Act have effect in relation to the company as if the reference to the first IAS year were to that financial year.

(5) In this paragraph, references to the “pre-commencement version” of a provision of the Companies Act 2006 are to that provision as it had effect before [F7IP completion day] in relation to a financial year of a company that began before [F7IP completion day].

Textual Amendments

F5Words in Sch. 1 para. 64(2) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(b)(i)

F6Words in Sch. 1 para. 64(4) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(b)(ii)

F7Words in Sch. 1 para. 64(5) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(b)(iii)

Commencement Information

I64Sch. 1 para. 64 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Limited Liability PartnershipsU.K.

65.—(1) Where an LLP's individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of the Companies Act 2006 as applied to LLPs, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act as applied to LLPs.

(2) Where, in the last financial year of an LLP to begin before [F8IP completion day], the LLP's individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of that Act as applied to LLPs, section 395(3) and (4) of that Act as applied to LLPs have effect in relation to the LLP as if the references to the first IAS year were to that financial year.

(3) Where the group accounts of an LLP are prepared in accordance with the pre-commencement version of section 403(1)(b) of the Companies Act 2006 as applied to LLPs, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act as applied to LLPs.

(4) Where, in the last financial year of an LLP to begin before [F9IP completion day], the group accounts of the LLP are prepared in accordance with the pre-commencement version of section 403(1)(b) of that Act as applied to LLPs, section 403(2) and (3) of that Act as applied to LLPs have effect in relation to the LLP as if the reference to the first IAS year were to that financial year.

(5) In this paragraph—

(a)LLP” means a limited liability partnership registered under the Limited Liability Partnerships Act 2000 M66;

(b)references to a provision of the Companies Act 2006 “as applied to LLPs” means to that provision as applied to LLPs by regulation 9 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008;

(c)references to the “pre-commencement version” of a provision of the Companies Act 2006 as applied to LLPs are to that provision as applied to LLPs, as it had effect before [F10IP completion day] in relation to a financial year of an LLP that began before [F10IP completion day].

Textual Amendments

F8Words in Sch. 1 para. 65(2) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(c)(i)

F9Words in Sch. 1 para. 65(4) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(c)(ii)

F10Words in Sch. 1 para. 65(5)(c) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(c)(iii)

Commencement Information

I65Sch. 1 para. 65 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

IAS accounts and first IAS year: building societiesU.K.

66.—(1) Where a building society's individual accounts are prepared in accordance with the pre-commencement version of section 72A(2)(b) of the Building Societies Act 1986, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act.

(2) Where, in the last financial year of a building society to begin before [F11IP completion day], the society's individual accounts are prepared in accordance with the pre-commencement version of section 72A(2)(b) of that Act, section 72A(3) and (4) of that Act have effect in relation to the society as if the references to the first IAS year were to that financial year.

(3) Where the group accounts of a building society are prepared in accordance with the pre-commencement version of section 72E(3)(b) of the Building Societies Act 1986, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act.

(4) Where, in the last financial year of a building society to begin before [F12IP completion day], the group accounts of the society are prepared in accordance with the pre-commencement version of section 72E(3)(b) of that Act, section 72E(4) and (5) of that Act have effect in relation to the society as if the reference to the first IAS year were to that financial year.

(5) In this paragraph, references to the “pre-commencement version” of a provision of the Building Societies Act 1986 are to that provision as it had effect before [F13IP completion day] in relation to a financial year of a building society that began before [F13IP completion day].

Textual Amendments

F11Words in Sch. 1 para. 66(2) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(d)(i)

F12Words in Sch. 1 para. 66(4) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(d)(ii)

F13Words in Sch. 1 para. 66(5) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(d)(iii)

Commencement Information

I66Sch. 1 para. 66 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

IAS accounts and first IAS year: friendly societiesU.K.

67.—(1) Where a friendly society's individual accounts are prepared in accordance with the pre-commencement version of section 69A(2)(b) of the Friendly Societies Act 1992, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act.

(2) Where, in the last financial year of a friendly society to begin before [F14IP completion day], the society's individual accounts are prepared in accordance with the pre-commencement version of section 69A(2)(b) of that Act, section 69A(3) and (4) of that Act have effect in relation to the society as if the references to the first IAS year were to that financial year.

(3) Where the group accounts of a friendly society are prepared in accordance with the pre-commencement version of section 69E(3)(b) of the Friendly Societies Act 1992, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act.

(4) Where, in the last financial year of a friendly society to begin before [F15IP completion day], the group accounts of the society are prepared in accordance with the pre-commencement version of section 69E(3)(b) of that Act, section 69E(4) and (5) of that Act have effect in relation to the society as if the reference to the first IAS year were to that financial year.

(5) In this paragraph, references to the “pre-commencement version” of a provision of the Friendly Societies Act 1992 are to that provision as it had effect before [F16IP completion day] in relation to a financial year of a friendly society that began before [F16IP completion day].

Textual Amendments

F14Words in Sch. 1 para. 67(2) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(e)(i)

F15Words in Sch. 1 para. 67(4) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(e)(ii)

F16Words in Sch. 1 para. 67(5) substituted (31.12.2020 immediately before IP completion day) by The Companies and Statutory Auditors etc. (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/523), regs. 1(2), 25(e)(iii)

Commencement Information

I67Sch. 1 para. 67 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

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