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The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019

S.I. 2019/685 · Made 26 March 2019 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 December 2020.

Exiting The European Union

Companies

Limited Liability Partnerships

Made 26th March 2019

Coming into force in accordance with regulation 1(2)

The Secretary of State makes these Regulations in exercise of the powers conferred by section 8(1) of, paragraph 1 of Schedule 4 and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 M1.

In accordance with paragraph 3 of Schedule 4 to that Act, the Secretary of State has obtained the consent of the Treasury.

In accordance with paragraph 1(1) of Schedule 7 to that Act, a draft of this instrument has been laid before Parliament and approved by a resolution of each House of Parliament.

Annotations to the whole text

Marginal citations

M1

2018 c. 16.

Contents

  1. Part 1: Introductory
  2. 1Citation, commencement, application and transitional provisions
  3. 2Interpretation
  4. Part 2: Adoption of international accounting standards
  5. Chapter 1: Interpretation
  6. 3Interpretation of this Part
  7. Chapter 2: International accounting standards on IP completion day
  8. 4International accounting standards in the UK on IP completion day
  9. Chapter 3: The functions of the Secretary of State
  10. 5Responsibility for adoption of international accounting standards
  11. 6Power of the Secretary of State to adopt international accounting standards
  12. 7Basis for adoption of international accounting standards
  13. 8Adoption of standards: consultation
  14. 9Consideration of standards: publication requirements
  15. 10Certification
  16. 11Periodic review by Secretary of State of impact of adopted standard
  17. 12Secretary of State's duty to report to Parliament
  18. Chapter 4: Power for Secretary of State to delegate adoption function
  19. 13Delegation of the Secretary of State's functions
  20. 14Regulation 14
  21. Chapter 5: Supplementary provisions with respect to delegation
  22. 15Operation of this Chapter
  23. 16Status
  24. 17Reporting by the body
  25. 18Other supplementary provisions
  26. Chapter 6: Consequential amendments, revocations and transitional provision relating to the adoption of international accounting standards
  27. 19Consequential amendments and transitional provision relating to the adoption of international accounting standards
  28. 20Revocations and transitional provision
  29. Part 3: Transitional and consequential amendments relating to European Public Limited-Liability Companies
  30. 21Transitional and consequential amendments relating to European Public Limited-Liability Companies
  31. Part 4: Miscellaneous amendments
  32. 22Amendments to the Competition (Amendment etc.) (EU Exit) Regulations 2019
  33. 23Amendments to the Accounts and Reports (Amendment) (EU Exit) Regulations 2019
  34. Signature
  35. Schedule 1: Consequential amendments and transitional provision relating to the adoption of international accounting standards in the United Kingdom
  36. Part 1: Amendments to Primary Legislation
  37. Chapter 1: Amendments to the Companies Act 2006
  38. 1Amendments to the Companies Act 2006
  39. 2Companies qualifying as small: parent companies
  40. 3Duty to keep accounting records
  41. 4Where and for how long records to be kept
  42. 5Individual accounts: exemption for dormant subsidiaries
  43. 6Individual accounts: applicable accounting framework
  44. 7IAS individual accounts
  45. 8Exemption for company included in EEA group accounts of larger group
  46. 9Exemption for company included in non-EEA group accounts of larger group
  47. 10Group accounts: applicable accounting framework
  48. 11IAS group accounts
  49. 12Approval and signing of accounts
  50. 13Dormant subsidiaries exempt from obligation to file accounts
  51. 14Voluntary revision of accounts etc.
  52. 15Secretary of State's notice in respect of accounts or reports
  53. 16Application to court in respect of defective accounts or reports
  54. 17Other persons authorised to apply to the court
  55. 18Power of authorised person to require documents, information and explanations
  56. 19Companies qualifying as medium-sized: parent companies
  57. 20Notes to the accounts
  58. 21Minor definitions
  59. 22Subsidiary companies: conditions for exemption from audit
  60. 23Auditor's report on company's annual accounts
  61. 24Supplementary accounting statement (merger)
  62. 25Supplementary accounting statement (division)
  63. 26Index of defined expressions
  64. Chapter 2: Amendments to other primary legislation
  65. 27Amendments to the Building Societies Act 1986
  66. 28Paragraph 28
  67. 29Paragraph 29
  68. 30Paragraph 30
  69. 31Paragraph 31
  70. 32Paragraph 32
  71. 33Paragraph 33
  72. 34Paragraph 34
  73. 35Paragraph 35
  74. 36Paragraph 36
  75. 37Paragraph 37
  76. 38Amendments to the Friendly Societies Act 1992
  77. 39Paragraph 39
  78. 40Paragraph 40
  79. 41Paragraph 41
  80. 42Paragraph 42
  81. 43Paragraph 43
  82. 44Paragraph 44
  83. 45Paragraph 45
  84. 46Paragraph 46
  85. 47Amendments to the Government Resources and Accounts Act 2000
  86. 48Paragraph 48
  87. 49Paragraph 49
  88. 50Amendments to the Government Resources and Accounts Act (Northern Ireland) 2001
  89. 51Paragraph 51
  90. 52Paragraph 52
  91. Part 2: Amendments to Subordinate Legislation
  92. 53Amendment to the Friendly Societies (Accounts and Related Provisions) Regulations 1994
  93. 54Amendment to the Building Societies (Accounts and Related Provisions) Regulations 1998
  94. 55Amendments to the Companies (Revision of Defective Accounts and Reports) Regulations 2008
  95. 56Amendments to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008
  96. 57Amendments to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
  97. 58Amendments to the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008
  98. 59Amendments to the Small Limited Liability Partnerships (Accounts) Regulations 2008
  99. 60Amendments to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008
  100. 61Amendments to the Reports on Payments to Governments Regulations 2014
  101. Part 3: Amendments to EU Regulation
  102. 62Amendments 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
  103. 63Amendments to Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories
  104. Part 4: Transitional provision: IAS accounts and first IAS year
  105. 64Companies
  106. 65Limited Liability Partnerships
  107. 66IAS accounts and first IAS year: building societies
  108. 67IAS accounts and first IAS year: friendly societies
  109. Schedule 2Revocations
  110. Schedule 3: Amendments relating to European Public Limited-Liability Companies
  111. Part 1: Application of the Companies Act 2006, the Overseas Companies Regulations 2009 and the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009 to European Public Limited-Liability Companies
  112. 1Interpretation
  113. 2Application of the Companies Act 2006
  114. 3Paragraph 3
  115. 4Application of the Overseas Companies Regulations
  116. 5Paragraph 5
  117. 6Paragraph 6
  118. 7Paragraph 7
  119. 8Paragraph 8
  120. 9Paragraph 9
  121. 10Paragraph 10
  122. 11Transitional provision for the application of the Overseas Companies Regulations 2009 to existing establishments of SEs
  123. 12Transitional provision for the application of the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009
  124. Part 2: Amendment to the European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018: transitional arrangements for employee engagement
  125. 13Paragraph 13
  126. 14Paragraph 14
  127. 15Paragraph 15
  128. 16Paragraph 16
  129. 17Paragraph 17
  130. Part 3: Consequential amendments in relation to the European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018
  131. 18Amendment of the Employment Rights Act 1996
  132. 19Amendment of the Transnational Information and Consultation of Employees Regulations 1999
  133. 20Amendment of the Companies Act 2006
  134. 21Amendment of the Companies (Disclosure of Address) Regulations 2009
  135. 22Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
  136. Explanatory note