SCHEDULE 1Consequential amendments and transitional provision relating to the adoption of international accounting standards in the United Kingdom
PART 2Amendments to Subordinate Legislation
Amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 200857
1
The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 200858 are amended as follows.
2
In Schedule 1 (Companies Act individual accounts: companies which are not banking or insurance companies)—
a
in Part 2 (accounting principles and rules), in paragraph 36(4), for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in Part 3 (notes to the accounts), in paragraph 72(5), for “international accounting standards” substitute “UK-adopted international accounting standards”.
3
In Schedule 2 (banking companies: Companies Act individual accounts)—
a
in Part 2 (accounting principles and rules), in paragraph 44(4), for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in Part 3 (notes to the accounts), in paragraph 92(5), for “international accounting standards” substitute “UK-adopted international accounting standards”.
4
In Schedule 3 (insurance companies: Companies Act individual accounts)—
a
in Part 2 (accounting principles and rules), in paragraph 30(4), for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in Part 3 (notes to the accounts), in paragraph 90(5), for “international accounting standards” substitute “UK-adopted international accounting standards”.