Part 1

Auditors, accounts, directors' liabilities and investigations
Chapter 2

Accounts and reports

Directors' reports

Power to specify bodies who may issue reporting standards
13
In section 257 of the Companies Act 1985 (power of Secretary of State to alter accounting requirements), after subsection (4) insert—
4A
Regulations under this section may also make provision—
a
for the issuing, by such body or bodies as may be specified, of standards in relation to matters to be contained in reports which are required by this Part to be prepared by the directors of a company;
b
for directors of a company who have complied with any such standard, or any of its provisions, in relation to any such report, to be presumed (unless the contrary is proved) to have complied with any requirements of this Part relating to the contents of the report to which the standard or provision relates.
4B
In subsection (4A) “specified” means specified in an order made by the Secretary of State; and such an order—
a
shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament;
b
may contain such transitional provisions as the Secretary of State thinks fit.