There are currently no known outstanding effects for The Accounting Standards (Prescribed Bodies) (United States of America and Japan) (Amendment) Regulations 2023.
(This note is not part of the Regulations)
These Regulations make amendments to the Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2015 (“the 2015 Regulations”).
Regulation 3 amends regulation 1 of the 2015 Regulations in order to remove the expiry provisions.
Regulation 4 inserts new regulation 5A which directs a UK incorporated parent company preparing group accounts to the standards of a body prescribed under regulation 2 of the 2015 Regulations to insert a note into the accounts. The required disclosure is the date of the company’s incorporation and the number of financial years remaining for which the company may prepare accounts under regulation 5 of the 2015 Regulations. After four financial years the company, if it has not already done so, must prepare group accounts to UK GAAP (Generally Accepted Accounting Principles) or UK International Financial Reporting Standards (IFRS).
Regulation 5 substitutes regulation 8 of the 2015 Regulations to provide at new regulation 8(1) an obligation on the Secretary of State to complete periodic reviews of the 2015 Regulations, set out the conclusions of the review in a report and publish the report in accordance with regulation 8(2).
The new regulation 8(3) and (4) stipulate the date by which the report under the amended 2015 Regulations must be published and that following that date the Secretary of State must periodically review the 2015 Regulations and publish a report at least every five years.
Regulation 6 removes regulation 9 of the 2015 Regulations the requirements of which have been incorporated into the new regulation 8.
The Regulations extend to the whole of the United Kingdom, reflecting the extent of the Companies Act 2006.
A full impact assessment of the effect that the 2015 Regulations will have on the costs of business is annexed to the Explanatory Memorandum of the 2015 Regulations. This is available from the Department for Business and Trade, Old Admiralty Building. London, SW1A 2DY and is published alongside the 2015 Regulations at www.legislation.gov.uk.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
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