Paragraph 41

(1)

Section 149 does not apply in relation to periods of account beginning before 1st January 2005.

(2)

But, in the case of a company required to prepare accounts—

(a)

under the Companies Act 1985 (c. 6), or

(b)

under the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)),

that section does apply in relation to a period of account beginning before that date for which the company is required or permitted to prepare such accounts in accordance with international accounting standards.