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There are currently no known outstanding effects for the The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019, CHAPTER 2.
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27. The Building Societies Act 1986 M1 is amended in accordance with paragraphs 28 to 37.
Commencement Information
I1Sch. 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) M2, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I2Sch. 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
M2Subsection (3A), along with subsection (4), was substituted for section (4) as originally enacted by section 28 of the Building Societies Act 1997 (c. 32).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) M3, 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
I3Sch. 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
M3Section 71(2)(c) and (d) were amended by S.I. 2004/3380.
30. In section 72A (duty to prepare individual accounts) M4—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
I4Sch. 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
M4Section 72A, with sections 72B to 72I, was substituted for sections 72 and 73 as originally enacted by S.I. 2004/3380.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) M5, for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I5Sch. 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
M5Section 72D was substituted by S.I. 2004/3380.
32. In section 72E (duty to prepare group accounts) M6—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
I6Sch. 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
M6Section 72E was substituted by S.I. 2004/3380.
33. In section 72H (IAS group accounts) M7, for “international accounting standards”, substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I7Sch. 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
M7Section 72H was substituted by S.I. 2004/3380.
34. In section 78 (auditor's report) M8, in subsection (4)(c), for “Article 4 of the IAS Regulation”, substitute “ section 403(1) of the Companies Act 2006 ”.U.K.
Commencement Information
I8Sch. 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
M8The 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) M9—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
I9Sch. 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
M9Section 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) M10, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I10Sch. 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
M10Paragraph 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) M11, 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
I11Sch. 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
M11Schedule 10B was inserted by S.I. 2004/3380; there are amending instruments but none is relevant.
38. The Friendly Societies Act 1992 M12 is amended in accordance with paragraphs 39 to 46.
Commencement Information
I12Sch. 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) M13 and (c) M14, 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
I13Sch. 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
M13Section 68(2)(b) was amended by S.I. 2005/2211.
M14Section 68(2)(c) was amended by S.I. 2005/2211.
40. In section 69A (duty to prepare individual accounts) M15—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
I14Sch. 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
M15Section 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) M16, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I15Sch. 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
M16Section 69D was substituted by S.I. 2005/2211.
42. In section 69E (duty to prepare group accounts) M17—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
I16Sch. 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
M17Section 69E was substituted by S.I. 2005/2211; there are amending instruments but none is relevant.
43. In section 69H (IAS group accounts) M18, for “international accounting standards” substitute “ UK-adopted international accounting standards ”.U.K.
Commencement Information
I17Sch. 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
M18Section 69H was substituted by S.I. 2005/2211.
44. In section 73 (auditor's report) M19, 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
I18Sch. 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
M19The 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) M20—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
I19Sch. 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
M20Section 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) M21—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
I20Sch. 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
M21Schedule 13E was inserted by S.I. 2005/2211; there are amending instruments but none is relevant.
47. The Government Resources and Accounts Act 2000 M22 is amended in accordance with paragraphs 48 and 49.
Commencement Information
I21Sch. 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) M23, 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
I22Sch. 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
M23Section 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) M24, 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
I23Sch. 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
M24Section 9(5)(a) was amended by S.I. 2004/2497 and 2008/948.
50. The Government Resources and Accounts Act (Northern Ireland) 2001 M25 is amended in accordance with paragraphs 51 and 52.
Commencement Information
I24Sch. 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) M26, 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
I25Sch. 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
M26Section 9(4)(a) was amended by S.R. 2004 No. 496.
52. In section 14(5)(a) (whole of government accounts: preparation: relevant guidance) M27, 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
I26Sch. 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
M27Section 14(5)(a) was amended by S.R. 2004 No. 496.
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