12.—(1) Annex 25 is amended as follows.
(2) In item 9, for “Article 46 of Directive 78/660/EEC and Article 36 of Directive 83/349/EEC” substitute “Part 15 of the Companies Act 2006”.
(3) In item 19—
(a)in the first subparagraph, for the words from “If” to “do not apply” substitute “If UK-adopted international accounting standards or, in relation to financial years beginning on or before the day on which exit day falls, International Accounting Standards adopted according to Regulation (EC) No 1606/2002 as it applies in the European Union, do not apply”;
(b)in the second subparagraph, for the words from “If” to “apply” substitute “If UK-adopted international accounting standards or, in relation to financial years beginning on or before the day on which exit day falls, International Accounting Standards adopted according to Regulation (EC) No 1606/2002 as it applies in the European Union, apply”.
(4) In item 20.1—
(a)in the first subparagraph, for the words from “according to” to “Union,” substitute “in accordance with the required accounting standards,”;
(b)after the first subparagraph insert—
“For issuers established in the United Kingdom, the required accounting standards are—
(a)in relation to financial years beginning on or before the day on which exit day falls, the standards required by Article 35, and
(b)in relation to financial years beginning after the day on which exit day falls, UK-adopted international accounting standards, or if not applicable, UK accounting standards.”;
(c)in the subparagraph beginning “For third country”, for the words from the beginning to “these standards,” substitute “For issuers established in a country outside the United Kingdom, a statement that such financial information has been prepared and audited in accordance with the required accounting standards,”;
(d)at the end insert—
“For issuers established in a country outside the United Kingdom, the required accounting standards are—
(a)in relation to financial years beginning on or before the day on which exit day falls, the standards required by Article 35, and
(b)in relation to financial years beginning after the day on which exit day falls, UK-adopted international accounting standards, one of the standards referred to in Article 35(5), or that country’s national accounting standards that are equivalent to UK-adopted international accounting standards.”.