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The Accounting Standards (Prescribed Body) Regulations 2008

S.I. 2008/651 · Made 5 March 2008

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 5th March 2008

Coming into force 6th April 2008

The Secretary of State makes the following Regulations in exercise of the powers conferred by section 464(1) and (3) of the Companies Act 2006f1:

Annotations to the whole text

Footnotes

f1

2006 c.46.

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 2008 and come into force on 6th April 2008.

2Prescribed body

The body known as the Accounting Standards Board established under the articles of association of The Financial Reporting Council Limitedf1 is hereby prescribed for the purposes of section 464 of the Companies Act 2006.

3Revocation

The Accounting Standards (Prescribed Body) Regulations (Northern Ireland) 1990f1 and the Accounting Standards (Prescribed Body) Regulations 2005f2 are hereby revoked.

4Transitional Provision

Statements of standard accounting practice which immediately before 6th April 2008 have been issued and not withdrawn by the former body known as the Accounting Standards Board for the purposes of section 256 of the Companies Act 1985f1 or Article 264 of the Companies (Northern Ireland) Order 1986f2shall be treated on and after that date as statements of standard accounting practice issued by the Accounting Standards Board for the purposes of section 464 of the Companies Act 2006.

Signature

Gareth Thomas

Parliamentary Under Secretary of State for Trade and Consumer Affairs,

Department for Business, Enterprise and Regulatory Reform

5th March 2008

Explanatory note

(This note is not part of the Regulations)

These Regulations prescribe the Accounting Standards Board established under the articles of association of The Financial Reporting Council Limited for the purposes of section 464 of the Companies Act 2006. The Regulations extend to the whole of the United Kingdom, reflecting the extent of the Companies Act 2006.

Statements of standard accounting practice issued by a body so prescribed are “accounting standards” for the purposes of the provisions of Part 15 of the Companies Act 2006 (accounts and audit).

Regulation 3 revokes the Accounting Standards (Prescribed Body) Regulations 2005 and the Accounting Standards (Prescribed Body) Regulations (Northern Ireland) 1990 under which the Accounting Standards Board as established under the articles of association of the Accounting Standards Board Limited was prescribed for the purposes of section 256 of the Companies Act 1985 and Article 264 of the Companies (Northern Ireland) Order 1986.

Regulation 4 makes a transitional provision in relation to statements of standard accounting practice issued by the Accounting Standards Board for the purposes of section 256 of the Companies Act 1985 and Article 264 of the Companies (Northern Ireland) Order 1986.

An Impact Assessment has not been produced for these Regulations as they have no impact on the costs of business, charities or voluntary bodies.