The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019

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

57.—(1) The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 M1 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

I1 Sch. 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

M1 S.I. 2008/410, amended by S.I. 2015/980; there are other amending instruments but none is relevant.