xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"
1. The Companies Act 2006 M1 is amended in accordance with this Chapter.
Commencement Information
I1Sch. 1 para. 1 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
2. In section 383(6), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I2Sch. 1 para. 2 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
3. In section 386(2)(c) and (5), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I3Sch. 1 para. 3 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
4. In section 388(3)(b), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I4Sch. 1 para. 4 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
5. In section 394A(2)(c)(ii) M2, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I5Sch. 1 para. 5 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M2Section 394A was inserted by S.I. 2012/2301.
6. In section 395(1)(b) and (3) M3, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I6Sch. 1 para. 6 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M3Section 395(3) was amended by S.I. 2012/2301.
7. In section 397(2) M4, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I7Sch. 1 para. 7 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M4Section 397 was substituted by S.I. 2015/980.
8. In section 400(2)(b)(ii), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I8Sch. 1 para. 8 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
9. In section 401(2)(b)(iii) M5, for “international accounting standards adopted pursuant to the IAS Regulation” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I9Sch. 1 para. 9 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M5Section 401(2)(b) was substituted by S.I. 2015/980.
10. In section 403 M6—
(a)for subsection (1) substitute—
“(1) The group accounts of a parent company whose securities are, on its balance sheet date, admitted to trading on a UK regulated market must be prepared in accordance with UK-adopted international accounting standards (“IAS group accounts”).”;
(b)in subsections (2)(b) and (4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I10Sch. 1 para. 10 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M6Section 403(4) was amended by S.I. 2012/2301.
11. In section 406(2) M7, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I11Sch. 1 para. 11 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M7Section 406 was substituted by S.I. 2015/980.
12. In section 414(4), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I12Sch. 1 para. 12 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
13. In section 448A(2)(c)(ii) M8, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I13Sch. 1 para. 13 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M8Section 448A was inserted by S.I. 2012/2301. There are no relevant amendments.
14. In section 454(1) M9 and (2)(a), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I14Sch. 1 para. 14 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M9Section 454(1) was amended by S.I. 2013/1970.
15. In section 455(1) M10 and (4)(b), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I15Sch. 1 para. 15 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M10Section 455(1) was amended by S.I. 2013/1970.
16. In section 456(1) M11, (5) and (6), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I16Sch. 1 para. 16 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M11Section 456(1) was amended by S.I. 2013/1970.
17. In section 457(1)(a) M12, omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I17Sch. 1 para. 17 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M12Section 457(1)(a) was amended by S.I. 2013/1970.
18. In section 459(1) M13, omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Commencement Information
I18Sch. 1 para. 18 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M13Section 459(1) was amended by S.I. 2013/1970.
19. In section 466(6), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I19Sch. 1 para. 19 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
20. In section 472(2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I20Sch. 1 para. 20 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
21. In section 474(1) M14—
(a)omit the definition of “IAS Regulation”;
(b)in the definition of “international accounting standards”, for “the IAS Regulation, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ Article 2 of Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards ”;
(c)in the definition of “profit and loss account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(d)after the definition of “UCITS management company” insert—
““UK-adopted international accounting standards” means the international accounting standards which are adopted for use within the United Kingdom by virtue of Chapter 2 or 3 of Part 2 of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.”.
Commencement Information
I21Sch. 1 para. 21 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M14There are amendments to section 474(1) but none is relevant.
22. In section 479A(2)(c)(ii) M15, for “international accounting standards” substitute “ UK-adopted international accounting standards (within the meaning given by section 474(1)) ”.
Commencement Information
I22Sch. 1 para. 22 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M15Section 479A was inserted by S.I. 2012/2301. There are no relevant amendments.
23. In section 495(3)(c), omit “(and, where applicable, Article 4 of the IAS Regulation)”.
Commencement Information
I23Sch. 1 para. 23 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
24. In section 910(3), omit “(and where relevant Article 4 of the IAS Regulation)”.
Commencement Information
I24Sch. 1 para. 24 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
25. In section 925(3), omit “(and where relevant Article 4 of the IAS Regulation)”.
Commencement Information
I25Sch. 1 para. 25 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
26. In Schedule 8, in the index of defined expressions—
(a)omit the entry for “IAS Regulation (in Part 15)”;
(b)after the entry for “UCITS management company”, insert—
“UK-adopted international accounting standards (in Part 15) | section 474(1)”. |
Commencement Information
I26Sch. 1 para. 26 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
27. The Building Societies Act 1986 M16 is amended in accordance with paragraphs 28 to 37.
Commencement Information
I27Sch. 1 para. 27 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
28. In section 61 (directors: supplementary provisions as to elections, etc), in subsection (3A) M17, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I28Sch. 1 para. 28 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M17Subsection (3A), along with subsection (4), was substituted for section (4) as originally enacted by section 28 of the Building Societies Act 1997 (c. 32). Subsection (3A) was also amended by S.I. 2004/3380.
29. In section 71 (accounting records), in subsections (2)(c) and (d) M18, for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework) ”.U.K.
Commencement Information
I29Sch. 1 para. 29 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M18Section 71(2)(c) and (d) were amended by S.I. 2004/3380.
30. In section 72A (duty to prepare individual accounts) M19—U.K.
(a)in subsection (2), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”;
(b)in subsection (3), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.
Commencement Information
I30Sch. 1 para. 30 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M19Section 72A, with sections 72B to 72I, was substituted for sections 72 and 73 as originally enacted by S.I. 2004/3380.
31. In section 72D (IAS individual accounts) M20, for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I31Sch. 1 para. 31 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M20Section 72D was substituted by S.I. 2004/3380.
32. In section 72E (duty to prepare group accounts) M21—U.K.
(a)in subsection (2)—
(i)for “Article 4 of the IAS Regulation”, substitute “ section 403(1) of the Companies Act 2006 ”;
(ii)for “international accounting standards”, substitute “ UK-adopted international accounting standards ”;
(b)in subsection (3), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”;
(c)in subsection (4), for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.
Commencement Information
I32Sch. 1 para. 32 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M21Section 72E was substituted by S.I. 2004/3380.
33. In section 72H (IAS group accounts) M22, for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I33Sch. 1 para. 33 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M22Section 72H was substituted by S.I. 2004/3380.
34. In section 78 (auditor's report) M23, in subsection (4)(c), for “Article 4 of the IAS Regulation”, substitute “ section 403(1) of the Companies Act 2006 ”.U.K.
Commencement Information
I34Sch. 1 para. 34 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M23The heading to section 78 was substituted by S.I. 2008/1519, and subsection (4) was substituted by S.I. 2017/516; there are other amendments but none is relevant.
35. In section 81B (interpretation of Part 8) M24—U.K.
(a)in subsection (1)—
(i)omit the definition of “IAS Regulation”;
(ii)in the definition of “income and expenditure account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(iii)omit the definition of “international accounting standards”;
(iv)after the definition of “income and expenditure account”, insert—
““UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;”;
(b)in subsection (2), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I35Sch. 1 para. 35 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M24Section 81B was inserted by S.I. 2004/3380; there are other amending instruments but none is relevant.
36. In Schedule 2 (establishment, incorporation and constitution of building societies), in paragraph 31(2)(a) (members' right to propose and circulate resolutions: the requisite number of members) M25, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I36Sch. 1 para. 36 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M25Paragraph 31(2)(a)(i) was substituted by S.I. 1997/2840, and amended by S.I. 1999/3033 and 2004/3380.
37. In Schedule 10B (disclosures about related undertakings required in note to accounts) M26, in—U.K.
(a)paragraph 3(3)(b) (financial information about subsidiary undertakings),
(b)paragraphs 6(4)(b) and 7(4)(b) (significant holdings in undertakings other than subsidiary undertakings: information requirements),
(c)paragraph 11(3)(b) (financial information about subsidiary undertakings not included in the consolidation) and
(d)paragraphs 14(4)(b), 15(3)(b), 17(4)(b) and 18(3)(b) (other significant holdings of society or group: information requirements),
for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I37Sch. 1 para. 37 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M26Schedule 10B was inserted by S.I. 2004/3380; there are amending instruments but none is relevant.
38. The Friendly Societies Act 1992 M27 is amended in accordance with paragraphs 39 to 46.
Commencement Information
I38Sch. 1 para. 38 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
39. In section 68 (accounting records), in subsection (2)(b) M28 and (c) M29, for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework) ”.U.K.
Commencement Information
I39Sch. 1 para. 39 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M28Section 68(2)(b) was amended by S.I. 2005/2211.
M29Section 68(2)(c) was amended by S.I. 2005/2211.
40. In section 69A (duty to prepare individual accounts) M30—U.K.
(a)in subsection (2)(b), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(b)in subsection (3), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(c)in subsection (4)(a), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I40Sch. 1 para. 40 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M30Section 69A was substituted, together with sections 69B to 69I, by S.I. 2005/2211; there are amending instruments but none is relevant.
41. In section 69D (IAS individual accounts) M31, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I41Sch. 1 para. 41 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M31Section 69D was substituted by S.I. 2005/2211.
42. In section 69E (duty to prepare group accounts) M32—U.K.
(a)in subsection (2)—
(i)for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 ”;
(ii)for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(b)in subsection (3)(b), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(c)in subsection (4), for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(d)in subsection (5)(a), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I42Sch. 1 para. 42 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M32Section 69E was substituted by S.I. 2005/2211; there are amending instruments but none is relevant.
43. In section 69H (IAS group accounts) M33, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I43Sch. 1 para. 43 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M33Section 69H was substituted by S.I. 2005/2211.
44. In section 73 (auditor's report) M34, in subsection (5B)(c), for “Article 4 of the IAS Regulation” substitute “ section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework) ”.U.K.
Commencement Information
I44Sch. 1 para. 44 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M34The section heading of section 73 was substituted by S.I. 2008/1140; subsection (5B) was substituted along with subsections (5A) to (5D) for subsection (5) as originally enacted by S.I. 2005/2211; subsection (5B) was then substituted along with subsections (5A) to (5C) by S.I. 2017/516. There are other amending instruments but none is relevant.
45. In section 78A (interpretation of Part 6) M35—U.K.
(a)in subsection (1)—
(i)omit the definition of “IAS Regulation”;
(ii)in the definition of “income and expenditure account”, for “international accounting standards” substitute “ UK-adopted international accounting standards ”;
(iii)omit the definition of “international accounting standards”;
(iv)after the definition of “senior statutory auditor” insert—
““UK-adopted international accounting standards” has the meaning given by section 474(1) of the Companies Act 2006;”;
(b)in subsection (2)(c), for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I45Sch. 1 para. 45 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M35Section 78A was inserted by S.I. 2005/2211 and amended by S.I. 2008/1140; there are other amending instruments but none is relevant.
46. In Schedule 13E (disclosures about related undertakings) M36—U.K.
(a)in paragraph 3(3)(b) (financial information about subsidiary undertakings),
(b)in paragraph 7(4)(b) (significant holdings in bodies corporate other than subsidiary undertakings: information requirements) and
(c)in paragraphs 14(4)(b), 15(3)(b) and 18(3)(b) (other significant holdings of society or group: information requirements),
for “international accounting standards” substitute “ UK-adopted international accounting standards ”.
Commencement Information
I46Sch. 1 para. 46 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M36Schedule 13E was inserted by S.I. 2005/2211; there are amending instruments but none is relevant.
47. The Government Resources and Accounts Act 2000 M37 is amended in accordance with paragraphs 48 and 49.
Commencement Information
I47Sch. 1 para. 47 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
48. In section 5(4)(a) (departmental resource accounts: preparation: relevant guidance) M38, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.
Commencement Information
I48Sch. 1 para. 48 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M38Section 5(4)(a) was amended by S.I. 2004/2497 and 2008/948.
49. In section 9(5)(a) (whole of government accounts: preparation: relevant guidance) M39, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.
Commencement Information
I49Sch. 1 para. 49 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M39Section 9(5)(a) was amended by S.I. 2004/2497 and 2008/948.
50. The Government Resources and Accounts Act (Northern Ireland) 2001 M40 is amended in accordance with paragraphs 51 and 52.
Commencement Information
I50Sch. 1 para. 50 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
51. In section 9(4)(a) (departmental resource accounts: preparation: relevant guidance) M41, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.
Commencement Information
I51Sch. 1 para. 51 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M41Section 9(4)(a) was amended by S.R. 2004 No. 496.
52. In section 14(5)(a) (whole of government accounts: preparation: relevant guidance) M42, for “the international accounting standards, within the meaning of EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation” substitute “ UK-adopted international accounting standards, within the meaning given by section 474(1) of the Companies Act 2006 ”.U.K.
Commencement Information
I52Sch. 1 para. 52 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M42Section 14(5)(a) was amended by S.R. 2004 No. 496.