The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
| Citation | SI 2019/685 |
| Year | 2019 |
(1) These Regulations may be cited as the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.(2) These Regulations come into force on exit day (3) Parts 1 to 3 of Schedule 1 have effect in relation to accounts for financial years beginning on or after F92IP completion day.(4) In relation to accounts for financial years which begin before but end on or after F93IP completion day, the enactments amended by Parts 1 to 3 of Schedule 1 have effect as if the United Kingdom were a member State until the end of the financial year in question.(5) For the purposes of Part 15 of the Companies Act 2006, where accounts for a financial year within paragraph (6) are permitted to be prepared in accordance with international accounting standards (as defined in section 474 of that Act) , the accounts may be prepared in accordance with international accounting standards which have been adopted for use within the United Kingdom by virtue of Chapter 3 of Part 2 of these Regulations.a financial year which begins before but ends on or after IP completion day;a financial year which ends before IP completion day, where IP completion day occurs before the end of the period for filing the accounts.(7) Where, in reliance on paragraph (5) , accounts are prepared in accordance with international accounting standards which have been adopted for use within the United Kingdom, the notes to the accounts must include a statement to that effect.(8) Where a statement is included in the notes to the accounts in accordance with paragraph (7) , the notes need not include the statement specified under section 397(2) or section 406(2) of the Companies Act 2006 (as the case may be) .In these Regulations, “ In this Part— The international accounting standards adopted for use within the United Kingdom on a high degree of transparency and international comparability of financial statements; and the efficient allocation of capital, including the smooth functioning of capital markets in the United Kingdom; and participating in and contributing to the development of a single set of international accounting standards. (1) The Secretary of State may adopt international accounting standards for use within the United Kingdom, in accordance with regulations 7 and 8.(2) In exceptional circumstances, the Secretary of State may exercise the power to adopt international accounting standards in accordance with paragraph (3) or (4) .severable from the standard so that the rest of the standard is operational;severed only to the extent necessary to enable adoption of the rest of the standard for use within the United Kingdom; andadoption of that part of the standard would be in compliance with regulation 7.make provision in the standard to extend the scope of undertakings eligible to use that option; andmake such extension of scope subject to an undertaking meeting criteria specified by the Secretary of State.
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