# The Accounting Standards (Prescribed Body) Regulations 2005

S.I. 2005/697 · made 11 March 2005

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.

Made under: Companies Act 1985 (Section 256)

PDFs: Printed copy https://openlegislation.uk/accounting-standards-prescribed-body-regulations-2005/pdf/uksi_20050697_en.pdf

## Introductory text

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 1985, hereby makes the following Regulations:

## 1 Citation and Commencement

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

## 2 Prescribed Body

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

## 3 Revocation

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

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Statements of standard accounting practice which have been issued and not withdrawn by The Accounting Standards Board Limited for the purposes of section 256(1) of the Companies Act 1985 immediately before 6th April 2005 shall be treated on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

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Source: https://www.legislation.gov.uk/uksi/2005/697 (the official version)
Page: https://openlegislation.uk/accounting-standards-prescribed-body-regulations-2005
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.