Companies Act 1985

Supplementary

256 Power of Secretary of State to alter accounting requirements

(1) The Secretary of State may by regulations in a statutory instrument—

(a) add to the classes of documents—

(i) to be comprised in a company's accounts for a financial year to be laid before the company in general meeting as required by section 241, or

(ii) to be delivered to the registrar of companies under that section,

and make provision as to the matters to be included in any document to be added to either class;

(b) modify the requirements of this Act as to the matters to be stated in a document of any such class;

(c) reduce the classes of documents to be delivered to the registrar of companies under section 241.

(2) In particular, the Secretary of State may by such regulations alter or add to the requirements of Schedule 4 and Schedule 9 (special category companies); and any reference in this Act to a provision of it then refers to that provision as it has effect subject to regulations in force under this section.

(3) Where regulations made under subsection (1)(a) add to either class of documents there mentioned documents dealing with the state of affairs and profit or loss of a company and other bodies, the regulations may also—

(a) extend the provisions of this Act relating to group ac counts (or such of those provisions as may be specified) to such documents,

(b) exempt that company from the requirement to prepare group accounts in respect of any period for which it has prepared such a document.

(4) Regulations under this section may make different provision for different cases or classes of case, and may contain such incidental and supplementary provisions as the Secretary of State thinks fit.

(5) Regulations under subsection (1)(a), or extending the classes of company to which any requirement mentioned in subsection (1)(b) applies or rendering those requirements more onerous, shall not be made unless a draft of the instrument containing them has been laid before Parliament and approved by a resolution of each House.

(6) Otherwise, a statutory instrument containing such regulations is subject to annulment in pursuance of a resolution of either House.