The International Accounting Standards, Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020
| Jurisdiction | UK Non-devolved |
| Citation | SI 2020/335 |
| Year | 2020 |
2020 No. 335
Exiting The European Union
Companies
Auditors
Limited Liability Partnerships
The International Accounting Standards, Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020
Made 23th March 2020
Laid before Parliament 24th March 2020
Coming into force in accordance with regulation 1
The Secretary of State makes these Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 20181.
The requirements of paragraph 3(2) of Schedule 7 to that Act (relating to the appropriate Parliamentary procedure for these regulations) have been satisfied.
PART 1
Citation and commencement
1. These Regulations may be cited as the International Accounting Standards, Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020 and come into force immediately before IP completion day.
PART 2
Amendment of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
2. The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 20192are amended in accordance with this Part.
3. In the heading to regulation 1, for “commencement and application” substitute “commencement, application and transitional provisions”.
4. After regulation 1(4), insert—
“5. For the purposes of Part 15 of the Companies Act 20063, 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 Act4), 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.
6. The financial years referred to in paragraph (5) are—
(a) a financial year which begins before but ends on or after IP completion day;
(b) 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 20065(as the case may be).”.
5. In regulation 20(2), for “regulation 3” substitute “regulation 4”.
PART 3
Amendment of the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019
6. The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 20196are amended in accordance with this Part.
7. In regulation 28(c), in inserted sub-paragraph (1B), for “For the purposes of...
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