Transitional provisions
6.—(1) These Regulations shall apply to annual accounts in respect of financial years ending on or after the date of coming into operation of these Regulations, and to directors' and auditors' reports on those accounts.
(2) In determining under Article 255 or 257 of the 1986 Order whether a company or group qualifies as small or medium-sized in relation to financial years subsequent to its first financial year which end on or after the date of coming into operation of these Regulations—
(a)the company or group shall be treated as having qualified as small or medium-sized (as the case may be) in each previous financial year ending on or after 9th November 1990 in which it would have so qualified under Article 255(3) or 257(3) as amended by these Regulations, and
(b)the company or group shall be treated as having qualified as small or medium-sized in any such financial year if they would have been so entitled had the company or group had the qualification it is treated as having had under sub-paragraph (a).