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Companies (1986 Order) (Accounts of Small and Medium-Sized Enterprises and Publication of Accounts in ECUs) Regulations (Northern Ireland) 1992

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Delivery and publication of accounts in ECUs

2.  The following Article is inserted into the 1986 Order after Article 250A(1)—

Delivery and publication of accounts in ECUs

250B.(1) The amounts set out in the annual accounts of a company may also be shown in the same accounts translated into ECUs.

(2) When complying with Article 250(2), the directors of a company may deliver to the registrar an additional copy of the company’s annual accounts in which the amounts have been translated into ECUs.

(3) In both cases

(a)the amounts must have been translated at the relevant exchange rate prevailing on the balance sheet date, and

(b)that rate must be disclosed in the notes to the accounts.

(4) For the purposes of Article 248(3) any additional copy of the company’s annual accounts delivered to the registrar under paragraph (2) shall be treated as statutory accounts of the company and, in the case of such a copy, references in Article 248 to the auditors' report under Article 243(4) shall be read as references to the auditors' report on the annual accounts of which it is a copy.

(5) In this Article—

ECU” means a unit with a value equal to the value of the unit of account known as the ecu used in the European Monetary System, and

“relevant exchange rate” means the rate of exchange used for translating the value of the ecu for the purposes of that System.

(1)

Article 250A was inserted into the 1986 Order by Article 13 of the Companies (Northern Ireland) Order 1990.

(2)

Article 250 was inserted into the 1986 Order by Article 13 of the Companies (Northern Ireland) Order 1990.

(3)

Article 248 was inserted into the 1986 Order by Article 12 of the Companies (Northern Ireland) Order 1990.

(4)

Article 243 was inserted into the 1986 Order by Article 11 of the Companies (Northern Ireland) Order 1990.

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