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The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004

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20.—(1) Section 262 (minor definitions)(1) is amended as follows.

(2) In subsection (1)–

(a)at the appropriate place insert–

“ “Companies Act accounts” means Companies Act individual accounts or Companies Act group accounts;”;

(b)at the appropriate place insert–

“ “IAS accounts” means IAS individual accounts or IAS group accounts;”;

(c)at the appropriate place insert–

“ “IAS Regulation” means EC Regulation No. 1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards;”(2);

(d)at the appropriate place insert–

“ “international accounting standards” means the international accounting standards, within the meaning of the IAS Regulation, adopted from time to time by the European Commission in accordance with that Regulation;”;

(e)at the appropriate place insert–

““profit and loss account”, in relation to a company that prepares IAS accounts, includes an income statement or other equivalent financial statement required to be prepared by international accounting standards;”;

(f)omit the definition of “true and fair view”.

(3) After subsection (2) insert–

“(2A) References in this Part to accounts giving a “true and fair view” are references–

(a)in the case of Companies Act individual accounts, to the requirement under section 226A that such accounts give a true and fair view;

(b)in the case of Companies Act group accounts, to the requirement under section 227A that such accounts give a true and fair view; and

(c)in the case of IAS accounts, to the requirement under international accounting standards that such accounts achieve a fair presentation.”

(1)

Section 262 was substituted by section 22 of the Companies Act 1989, and amended by regulation 7 of S.I. 1992/3178, by regulation 12(1) of S.I. 1996/189, by regulation 4 of S.I. 1997/2306, by regulation 2 of S.I. 2000/2952, by article 16(1) of S.I. 2000/3373, by regulation 2 of S.I. 2002/765 and by regulation 10 of S.I. 2002/1986.

(2)

Official Journal of 11th September 2002 (O.J.L243).

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