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The Accounting Standards (Prescribed Body) Regulations 2008 in Northern Ireland

S.I. 2008/651 · Made 5 March 2008 · Extends to United Kingdom

Not fully up to date. 5 changes made by later legislation have not yet been written into this text, which is revised to 5 March 2008.

See the changes not yet applied
ProvisionChangeMade by
reg. 1coming into forceAccounting Standards (Prescribed Body) 2008 reg. 1
reg. 2coming into forceAccounting Standards (Prescribed Body) 2008 reg. 1
reg. 3coming into forceAccounting Standards (Prescribed Body) 2008 reg. 1
reg. 4coming into forceAccounting Standards (Prescribed Body) 2008 reg. 1
RegulationsrevokedStatutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) 2012 art. 22

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 Not yet in force
  2. 2Prescribed body Not yet in force
  3. 3Revocation Not yet in force
  4. 4Transitional Provision Not yet in force
  5. Signature
  6. Explanatory note

1Citation and commencementI1

These Regulations may be cited as the Accounting Standards (Prescribed Body) Regulations 2008 and come into force on 6th April 2008.

2Prescribed bodyI1

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.

3RevocationI1

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

4Transitional ProvisionI1

Statements of standard accounting practice which immediately before 6th April 2008 have been issued and not withdrawn by the former body known as the Accounting Standards Board for the purposes of section 256 of the Companies Act 1985f1 or Article 264 of the Companies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.