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The Companies Act 1985 (International Accounting Standards and Other Accounting Amendments) Regulations 2004
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PART 1AMENDMENTS OF THE COMPANIES ACT 1985
1. The following minor and consequential amendments to the 1985 Act have effect.
2. In section 152(2) (definition of “net assets” for Chapter 6 of Part 5), for “provision for liabilities or charges” substitute “provision for liabilities”.
3. In section 154(2)(b) (definition of “liabilities” for the purposes of the “net asset” test) for “or loss” substitute “the nature of which is clearly defined and”.
4.—(1) Section 228 (exemption for parent companies included in accounts of larger group) is amended as follows.
(2) In subsections (1) and (2)(a) for “a member State of the European Economic Community” substitute “an EEA State”.
(3) In subsection (3), omit from “listed” to the end, and substitute “admitted to trading on a regulated market of any EEA State within the meaning of Council Directive 93/22/EEC on investment services in the securities field”.
5. In section 231(5)(b) (disclosure required in notes to accounts of undertakings excluded from consolidation)(1), omit “or (4)”.
6. Omit section 243 (accounts of subsidiary undertakings to be appended in certain cases)(2).
7. In section 260 (definition of “participating interest”)(3), omit subsection (5).
8. In section 264(2) (restriction on distribution of assets), for “provision for liabilities or charges” substitute “provision for liabilities”.
9. In section 265(2) (other distributions by investment companies), for “provision for liabilities or charges” substitute “provision for liabilities”.
10. In Schedule 4A (interests in subsidiary undertakings excluded from consolidation)(4), omit paragraph 18.
11. In paragraph 25 of Schedule 6 (disclosure of information: emoluments and other benefits of directors and others), for “provisions for liabilities or charges” substitute “provisions for liabilities”.
12. In Part 2 of Schedule 9 (undertakings to be included in consolidation), omit paragraph 1.
(1)
Section 231 was substituted by section 6(1) of the Companies Act 1989, and subsection (5) was amended by regulation 15 of S.I. 1996/189.
(2)
Section 243 was substituted by section 11 of the Companies Act 1989, and amended by regulation 2 of S.I. 1992/1083, and sections 30 and 35 of, and Schedule 2 to, the Welsh Language Act 1993.
(3)
Section 260 was substituted by section 22 of the Companies Act 1989, and amended by regulation 5(1) of, and paragraph 4 of Schedule 2 to, S.I. 1993/3246, and by regulation 7(5) of S.I. 1997/220.
(4)
Schedule 4A was inserted by section 5(2) of, and Schedule 2 to, the Companies Act 1989.
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