http://www.legislation.gov.uk/nisr/1997/314/schedule/1/paragraph/15/made
Companies (1986 Order) (Miscellaneous Accounting Amendments) Regulations (Northern Ireland) 1997
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2016-09-06
COMPANIES
These Regulations make a number of miscellaneous amendments to the provisions of the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6) (“the 1986 Order”) concerning accounts and audit. The principal changes are as follows:Regulation 2 amends Article 232 of the 1986 Order (accounting reference periods and accounting reference date) to alter the method by which the accounting reference date of companies incorporated on or after 22nd August 1997 is calculated.Regulation 3 amends Article 233 of the 1986 Order (alteration of accounting reference date) to widen the circumstances in which the accounting reference date of a company may be changed.Regulation 4(3) amends Article 242 of the 1986 Order (duty to prepare directors' report) by inserting in paragraph (4) a reference to new Part VI of Schedule 7 to the 1986 Order. Regulation 13(5) amends Schedule 7 to the 1986 Order by the insertion of a new Part VI. Part VI provides that the directors' report of public companies and large private companies which are subsidiaries of a public company must contain a statement of the company’s policy on payment of its suppliers. Companies which follow any code or standard on payment practice must state what code or standard is followed and where information about it can be found; companies which do not follow such codes or standards must give a fuller statement on their payment practices.Regulation 9 amends Article 257B of the 1986 Order (cases where exemption from audit not available). The amendment enables a company which would otherwise be disqualified from claiming exemption from audit under Article 257A of the 1986 Order for a financial year because it was a subsidiary undertaking for any period in that year, to claim that exemption provided it was dormant throughout that period.Regulation 12 and paragraphs 3, 4, 6 and 10 and 18 of Schedule 5 make certain amendments to the provisions of the 1986 Order concerning the accounts of insurance companies and groups so as to align those provisions more closely with the provisions of the Insurance Accounts Directive (Council Directive 91/674/EEC Official journal No. L374 of 31.12.91, pages 7 to 31). Regulation 13(8) and Schedule 6 contain amendments to Schedule 11 to the 1986 Order (modifications of Part IX where company’s accounts prepared in accordance with special provisions for banking or insurance companies) consequential on those amendments.Regulation 13(1) and Schedule 1 contain amendments to Schedule 4 to the 1986 Order (form and content of company accounts).Regulation 13(2) and Schedule 2 contain amendments to Schedule 4A to the 1986 Order (form and content of group accounts).Regulation 13(3) and Schedule 3 contain amendments to Schedule 5 to the 1986 Order (disclosure of information: related undertakings).Regulation 13(4) repeals certain provisions in Schedule 7 to the 1986 Order concerning the matters to be dealt with in the directors' report.Regulation 13(6) and Schedule 4 contain amendments to Schedule 9 to the 1986 Order (form and content of accounts of banking companies and groups).Regulation 13(7) and Schedule 5 contain amendments to Schedule 9A to the 1986 Order (form and content of accounts of insurance companies and groups) in addition to those mentioned in paragraph (e) above.Regulation 14 makes certain minor and consequential amendments to Articles 239 and 263A of, and Schedules 7 and 8 to, the 1986 Order, and regulation 15 makes provision concerning the application of the Regulations and contains transitional provisions.
SCHEDULE 1Form and Content of Company Accounts
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Paragraph 59 (dealings with or interests in group undertakings)33 is hereby repealed.