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

Minor definitions

21.

In section 474(1) M1—

(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.”.