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

PART 1Amendments to Primary Legislation

CHAPTER 1Amendments to the Companies Act 2006

Group accounts: applicable accounting framework

10.

In section 403 M1—

(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 ”.