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The Accounting Standards (Prescribed Body) Regulations 2005

S.I. 2005/697 · Made 11 March 2005

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

COMPANIES

Made 11th March 2005

Coming into force 6th April 2005

The Secretary of State, in exercise of the powers conferred upon her by section 256(1) and (4) of the Companies Act 1985f1, hereby makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1985 c. 6; section 256 was substituted by sections 1 and 19 of the Companies Act 1989 (c. 40).

Contents

  1. 1Citation and Commencement
  2. 2Prescribed Body
  3. 3Revocation
  4. 4Transitional Provision
  5. Signature
  6. Explanatory note

1Citation and Commencement

These Regulations may be cited as the Accounting Standards (Prescribed Body) Regulations 2005 and shall come into force on 6th April 2005.

2Prescribed Body

The body known as the Accounting Standards Board established under the articles of association of The Accounting Standards Board Limitedf1 is hereby prescribed for the purposes of section 256(1) of the Companies Act 1985.

3Revocation

The Accounting Standards (Prescribed Body) Regulations 1990f1 are hereby revoked.

4Transitional Provision

Statements of standard accounting practice which have been issued and not withdrawn by The Accounting Standards Board Limited for the purposes of section 256(1) of the Companies Act 1985 immediately before 6th April 2005 shall be treated on and after that date as statements of standard accounting practice issued by the Accounting Standards Board for the purposes of that section.

Signature

Jacqui Smith

Minister for Industry and the Regions, Deputy Minister for Women and Equality

Department of Trade and Industry

11th March 2005

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe the Accounting Standards Board established under The Accounting Standards Board Limited for the purposes of section 256(1) of the Companies Act 1985. Statements of standard accounting practice issued by a body so prescribed are “accounting standards” for the purposes of the provisions of Part 7 of that Act.

Regulation 3 revokes The Accounting Standards (Prescribed Body) Regulations 1990 under which The Accounting Standards Board Limited was prescribed for the purposes of section 256(1) of the Act.

Regulation 4 makes a transitional provision in relation to statements of standard accounting practice issued by The Accounting Standards Board Limited.