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

PART 1Amendments to Primary Legislation

CHAPTER 2Amendments to other primary legislation

I145

In section 78A (interpretation of Part 6) M1—

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 ”.