SCHEDULE 1Consequential amendments and transitional provision relating to the adoption of international accounting standards in the United Kingdom
PART 1Amendments to Primary Legislation
CHAPTER 1Amendments to the Companies Act 2006
Amendments to the Companies Act 20061
The Companies Act 200610 is amended in accordance with this Chapter.
Companies qualifying as small: parent companies2
In section 383(6), for “international accounting standards” substitute “UK-adopted international accounting standards”.
Duty to keep accounting records3
In section 386(2)(c) and (5), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.
Where and for how long records to be kept4
In section 388(3)(b), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.
Individual accounts: exemption for dormant subsidiaries5
In section 394A(2)(c)(ii)11, for “international accounting standards” substitute “UK-adopted international accounting standards”.
Individual accounts: applicable accounting framework6
In section 395(1)(b) and (3)12, for “international accounting standards” substitute “UK-adopted international accounting standards”.
IAS individual accounts7
In section 397(2)13, for “international accounting standards” substitute “UK-adopted international accounting standards”.
Exemption for company included in EEA group accounts of larger group8
In section 400(2)(b)(ii), for “international accounting standards” substitute “UK-adopted international accounting standards”.
Exemption for company included in non-EEA group accounts of larger group9
In section 401(2)(b)(iii)14, for “international accounting standards adopted pursuant to the IAS Regulation” substitute “UK-adopted international accounting standards”.
Group accounts: applicable accounting framework10
In section 40315—
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”.
IAS group accounts11
In section 406(2)16, for “international accounting standards” substitute “UK-adopted international accounting standards”.
Approval and signing of accounts12
In section 414(4), omit “(and, where applicable, of Article 4 of the IAS Regulation)”.
Dormant subsidiaries exempt from obligation to file accounts13
In section 448A(2)(c)(ii)17, for “international accounting standards” substitute “UK-adopted international accounting standards”.
Voluntary revision of accounts etc.14
In section 454(1)18 and (2)(a), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Secretary of State’s notice in respect of accounts or reports15
In section 455(1)19 and (4)(b), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Application to court in respect of defective accounts or reports16
In section 456(1)20, (5) and (6), omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Other persons authorised to apply to the court17
In section 457(1)(a)21, omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Power of authorised person to require documents, information and explanations18
In section 459(1)22, omit “(or, where applicable, of Article 4 of the IAS Regulation)”.
Companies qualifying as medium-sized: parent companies19
In section 466(6), for “international accounting standards” substitute “UK-adopted international accounting standards”.
Notes to the accounts20
In section 472(2), for “international accounting standards” substitute “UK-adopted international accounting standards”.
Minor definitions21
In section 474(1)23—
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.
Subsidiary companies: conditions for exemption from audit22
In section 479A(2)(c)(ii)24, for “international accounting standards” substitute “UK-adopted international accounting standards (within the meaning given by section 474(1))”.
Auditor’s report on company’s annual accounts23
In section 495(3)(c), omit “(and, where applicable, Article 4 of the IAS Regulation)”.
Supplementary accounting statement (merger)24
In section 910(3), omit “(and where relevant Article 4 of the IAS Regulation)”.
Supplementary accounting statement (division)25
In section 925(3), omit “(and where relevant Article 4 of the IAS Regulation)”.
Index of defined expressions26
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)
CHAPTER 2Amendments to other primary legislation
Amendments to the Building Societies Act 1986
27
28
In section 61 (directors: supplementary provisions as to elections, etc), in subsection (3A)26, for “international accounting standards” substitute “UK-adopted international accounting standards”.
29
In section 71 (accounting records), in subsections (2)(c) and (d)27, for “Article 4 of the IAS Regulation” substitute “section 403(1) of the Companies Act 2006 (group accounts: applicable accounting framework)”.
30
In section 72A (duty to prepare individual accounts)28—
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”.
31
In section 72D (IAS individual accounts)29, for “international accounting standards”, substitute “UK-adopted international accounting standards”.
32
In section 72E (duty to prepare group accounts)30—
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”.
33
In section 72H (IAS group accounts)31, for “international accounting standards”, substitute “UK-adopted international accounting standards”.
34
In section 78 (auditor’s report)32, in subsection (4)(c), for “Article 4 of the IAS Regulation”, substitute “section 403(1) of the Companies Act 2006”.
35
In section 81B (interpretation of Part 8)33—
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”.
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)34, for “international accounting standards” substitute “UK-adopted international accounting standards”.
37
In Schedule 10B (disclosures about related undertakings required in note to accounts)35, in—
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”.
Amendments to the Friendly Societies Act 1992
38
39
40
In section 69A (duty to prepare individual accounts)39—
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”.
41
In section 69D (IAS individual accounts)40, for “international accounting standards” substitute “UK-adopted international accounting standards”.
42
In section 69E (duty to prepare group accounts)41—
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”.
43
In section 69H (IAS group accounts)42, for “international accounting standards” substitute “UK-adopted international accounting standards”.
44
In section 73 (auditor’s report)43, 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)”.
45
In section 78A (interpretation of Part 6)44—
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”.
46
In Schedule 13E (disclosures about related undertakings)45—
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”.
Amendments to the Government Resources and Accounts Act 2000
47
48
In section 5(4)(a) (departmental resource accounts: preparation: relevant guidance)47, 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”.
49
In section 9(5)(a) (whole of government accounts: preparation: relevant guidance)48, 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”.
Amendments to the Government Resources and Accounts Act (Northern Ireland) 2001
50
51
In section 9(4)(a) (departmental resource accounts: preparation: relevant guidance)50, 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”.
52
In section 14(5)(a) (whole of government accounts: preparation: relevant guidance)51, 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”.
PART 2Amendments to Subordinate Legislation
Amendment to the Friendly Societies (Accounts and Related Provisions) Regulations 199453
In the Friendly Societies (Accounts and Related Provisions) Regulations 199452, in Schedule 6 (accounting principles and rules), in paragraph 24A(3A)53 (inclusion of financial instruments at fair value) for the words “international accounting standards adopted by the European Commission on or before 5th September 2006 in accordance with the IAS Regulation” substitute “UK-adopted international accounting standards within the meaning of section 474(1) of the Companies Act 2006”.
Amendment to the Building Societies (Accounts and Related Provisions) Regulations 199854
In the Building Societies (Accounts and Related Provisions) Regulations 199854, in Schedule 7 (accounting principles and rules), in paragraph 31A(3A)55 (inclusion of financial instruments at fair value), for “international accounting standards adopted by the European Commission on or before 5th September 2006 in accordance with the IAS Regulation” substitute “UK-adopted international accounting standards within the meaning of section 474(1) of the Companies Act 2006”.
Amendments to the Companies (Revision of Defective Accounts and Reports) Regulations 200855
1
The Companies (Revision of Defective Accounts and Reports) Regulations 200856 are amended as follows.
2
In regulation 3 (content of revised accounts or revised report)—
a
in paragraph (1), omit “and, where applicable, Article 4 of the IAS Regulation”;
b
in paragraph (2)(b), for “international accounting standards” substitute “UK-adopted international accounting standards”.
3
In regulation 7 (auditor’s report on revised accounts and revised report)—
a
in paragraph (1A)(b), omit “(and, where applicable, Article 4 of the IAS Regulation)”;
b
in paragraph (3), omit “and, where applicable, Article 4 of the IAS Regulation”.
Amendments to the Small Companies and Groups (Accounts and Directors’ Report) Regulations 200856
In Schedule 1 (Companies Act individual accounts) to the Small Companies and Groups (Accounts and Directors’ Report) Regulations 200857—
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 66(5), for “international accounting standards” substitute “UK-adopted international accounting standards”.
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”.
Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 200858
1
The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 200859 are amended as follows.
2
In regulation 5 (LLPs subject to the small LLPs regime)60, in the modified version of section 383 (LLPs qualifying as small: parent LLPs), in subsection (6), for “international accounting standards” substitute “UK-adopted international accounting standards”.
3
In regulation 9 (individual accounts)61—
a
in the modified version of section 394A (individual accounts: exemption for dormant subsidiaries), in subsection (2)(c)(ii), for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in the modified version of section 395 (individual accounts: applicable accounting framework), in subsections (1)(b) and (2), for “international accounting standards” substitute “UK-adopted international accounting standards”;
c
in the modified version of section 397 (IAS individual accounts), in subsection (2), for “international accounting standards” substitute “UK-adopted international accounting standards”.
4
In regulation 10 (group accounts)62—
a
in the modified version of section 400 (exemption for LLP included in EEA group accounts of larger group), in subsection (2)(b)(ii), for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in the modified version of section 401 (exemption for LLP included in non-EEA group accounts of larger group), in subsection (2)(b)(iii), for “international accounting standards adopted pursuant to the IAS Regulation” substitute “UK-adopted international accounting standards”;
c
in the modified version of section 403 (group accounts: applicable accounting framework)—
i
in subsections (1)(b) and (2), for “international accounting standards” substitute “UK-adopted international accounting standards”;
d
in the modified version of section 406 (IAS group accounts), in subsection (2), for “international accounting standards” substitute “UK-adopted international accounting standards”.
5
In regulation 26 (medium-sized LLPs)63, in the modified version of section 466 (LLPs qualifying as medium-sized: parent LLPs), in subsection (6), for “international accounting standards” substitute “UK-adopted international accounting standards”.
6
In regulation 30 (notes to the accounts)64, in the modified version of section 472, in subsection (2), for “international accounting standards” substitute “UK-adopted international accounting standards”.
7
In regulation 32 (minor definitions)65, in the modified version of section 474, in subsection (1)—
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 the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.
8
In regulation 34A (exemption from audit: qualifying subsidiaries)66, in the modified version of section 479A (subsidiary LLPs: conditions for exemption from audit), in subsection (2)(c)(ii), for “international accounting standards” substitute “UK-adopted international accounting standards (within the meaning given by section 474(1))”.
Amendments to the Small Limited Liability Partnerships (Accounts) Regulations 200859
In the Small Limited Liability Partnerships (Accounts) Regulations 200867, in Schedule 1 (non-IAS individual accounts)—
a
in Part 2 (accounting principles and rules), in paragraph 36(4)68, for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in Part 3 (notes to the accounts), in paragraph 64(5)69, for “international accounting standards” substitute “UK-adopted international accounting standards”.
Amendments to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 200860
In the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 200870, in Schedule 1 (non-IAS individual accounts)—
a
in Part 2 (accounting principles and rules), in paragraph 36(4)71, for “international accounting standards” substitute “UK-adopted international accounting standards”;
b
in Part 3 (notes to the accounts), in paragraph 70(5), for “international accounting standards” substitute “UK-adopted international accounting standards”.
Amendments to the Reports on Payments to Governments Regulations 201461
In the Reports on Payments to Governments Regulations 201472, in regulation 10 (exemption from duty to prepare a consolidated report), in paragraph (4), for “international accounting standards” substitute “UK-adopted international accounting standards”.
PART 3Amendments to EU Regulation
Amendments to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards62
In Regulation (EC) No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards, omit all Articles other than Article 2.
Amendments to Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories63
1
Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories is amended as follows.
2
In Article 3 (intragroup transactions), for point (3)(a) substitute—
a
included in a consolidation in accordance with:
i
legislation of the United Kingdom that was relied upon immediately before exit day to implement Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC73;
ii
UK-adopted international accounting standards, having the meaning given by section 474(1) of the Companies Act 2006; or
iii
in relation to a group the parent undertaking of which has its head office in a third country, the generally accepted accounting principles of a third country determined to be equivalent to—
aa
International Financial Reporting Standards by the Commission before exit day in accordance with Regulation (EC) No. 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council74; or
ab
UK-adopted international accounting standards (within the meaning of section 474(1) of the Companies Act 2006) in accordance with regulations made by the Treasury after exit day under Regulation (EC) No. 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council;
PART 4Transitional provision: IAS accounts and first IAS year
Companies64
1
Where a company’s individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of the Companies Act 2006, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act.
2
Where, in the last financial year of a company to begin before exit day, the company’s individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of that Act, section 395(3) and (4) of that Act have effect in relation to the company as if the references to the first IAS year were to that financial year.
3
Where the group accounts of a company are prepared in accordance with the pre-commencement version of section 403(2)(b) of the Companies Act 2006, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act.
4
Where, in the last financial year of a company to begin before exit day, the group accounts of the company are prepared in accordance with the pre-commencement version of section 403(2)(b) of that Act, section 403(4) and (5) of that Act have effect in relation to the company as if the reference to the first IAS year were to that financial year.
5
In this paragraph, references to the “pre-commencement version” of a provision of the Companies Act 2006 are to that provision as it had effect before exit day in relation to a financial year of a company that began before exit day.
Limited Liability Partnerships65
1
Where an LLP’s individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of the Companies Act 2006 as applied to LLPs, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act as applied to LLPs.
2
Where, in the last financial year of an LLP to begin before exit day, the LLP’s individual accounts are prepared in accordance with the pre-commencement version of section 395(1)(b) of that Act as applied to LLPs, section 395(3) and (4) of that Act as applied to LLPs have effect in relation to the LLP as if the references to the first IAS year were to that financial year.
3
Where the group accounts of an LLP are prepared in accordance with the pre-commencement version of section 403(1)(b) of the Companies Act 2006 as applied to LLPs, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act as applied to LLPs.
4
Where, in the last financial year of an LLP to begin before exit day, the group accounts of the LLP are prepared in accordance with the pre-commencement version of section 403(1)(b) of that Act as applied to LLPs, section 403(2) and (3) of that Act as applied to LLPs have effect in relation to the LLP as if the reference to the first IAS year were to that financial year.
5
In this paragraph—
a
“LLP” means a limited liability partnership registered under the Limited Liability Partnerships Act 200075;
b
references to a provision of the Companies Act 2006 “as applied to LLPs” means to that provision as applied to LLPs by regulation 9 of the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008;
c
references to the “pre-commencement version” of a provision of the Companies Act 2006 as applied to LLPs are to that provision as applied to LLPs, as it had effect before exit day in relation to a financial year of an LLP that began before exit day.
IAS accounts and first IAS year: building societies66
1
Where a building society’s individual accounts are prepared in accordance with the pre-commencement version of section 72A(2)(b) of the Building Societies Act 1986, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act.
2
Where, in the last financial year of a building society to begin before exit day, the society’s individual accounts are prepared in accordance with the pre-commencement version of section 72A(2)(b) of that Act, section 72A(3) and (4) of that Act have effect in relation to the society as if the references to the first IAS year were to that financial year.
3
Where the group accounts of a building society are prepared in accordance with the pre-commencement version of section 72E(3)(b) of the Building Societies Act 1986, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act.
4
Where, in the last financial year of a building society to begin before exit day, the group accounts of the society are prepared in accordance with the pre-commencement version of section 72E(3)(b) of that Act, section 72E(4) and (5) of that Act have effect in relation to the society as if the reference to the first IAS year were to that financial year.
5
In this paragraph, references to the “pre-commencement version” of a provision of the Building Societies Act 1986 are to that provision as it had effect before exit day in relation to a financial year of a building society that began before exit day.
IAS accounts and first IAS year: friendly societies67
1
Where a friendly society’s individual accounts are prepared in accordance with the pre-commencement version of section 69A(2)(b) of the Friendly Societies Act 1992, the accounts are to continue to be treated as “IAS individual accounts” for the purposes of that Act.
2
Where, in the last financial year of a friendly society to begin before exit day, the society’s individual accounts are prepared in accordance with the pre-commencement version of section 69A(2)(b) of that Act, section 69A(3) and (4) of that Act have effect in relation to the society as if the references to the first IAS year were to that financial year.
3
Where the group accounts of a friendly society are prepared in accordance with the pre-commencement version of section 69E(3)(b) of the Friendly Societies Act 1992, the accounts are to continue to be treated as “IAS group accounts” for the purposes of that Act.
4
Where, in the last financial year of a friendly society to begin before exit day, the group accounts of the society are prepared in accordance with the pre-commencement version of section 69E(3)(b) of that Act, section 69E(4) and (5) of that Act have effect in relation to the society as if the reference to the first IAS year were to that financial year.
5
In this paragraph, references to the “pre-commencement version” of a provision of the Friendly Societies Act 1992 are to that provision as it had effect before exit day in relation to a financial year of a friendly society that began before exit day.