# Commission Decision of 12 December 2008 on the use by third countries’ issuers of securities of certain third country’s national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements (notified under document number C(2008) 8218) (Text with EEA relevance) (2008/961/EC), Article 1

Extent: E+W+S+N.I.

From IP completion day, with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards are to be considered as equivalent to UK-adopted international accounting standards:
(a)International Financial Reporting Standards, provided that the notes to the audited financial statements contain an explicit and unreserved statement that these financial statements comply with international financial reporting standards in accordance with IAS 1 Presentation of financial statements;
(b)Generally Accepted Accounting Principles of Japan;
(c)Generally Accepted Accounting Principles of the United States of America;
(d)International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of International Accounting Standards, as it applies in the European Union.
From IP completion day, with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards are to be considered as equivalent to UK-adopted international accounting standards:
(a)Generally Accepted Accounting Principles of the People’s Republic of China;
(b)Generally Accepted Accounting Principles of Canada;
(c)Generally Accepted Accounting Principles of the Republic of Korea.
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In this Decision “third country” means a country outside the United Kingdom.

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Source: https://www.legislation.gov.uk/eudn/2008/961/article/1 (the official version)
Page: https://openlegislation.uk/eu-decision-2008-961/article-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.