The Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2012

• Citation: S.I. 2012/2405
• Sections: 6

Section 1 Citation, commencement and expiry

(1) These Regulations may be cited as the Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2012.

(2) These Regulations come into force on 1st October 2012.

(3) These Regulations cease to have effect on 31st December 2015.

Section 2 Prescribed bodies

Subject to regulations 3, 4, 5 and 6, the following are prescribed bodies for the purposes of section 464 of the Companies Act 2006—

(a) the body known as the Financial Accounting Standards Board , and

(b) the body known as the Accounting Standards Board of Japan .

Section 3 Prescribed bodies

The Financial Accounting Standards Board is a prescribed body only in respect of the group accounts of parent companies with securities registered with the Securities and Exchange Commission of the United States of America.

Section 4 Prescribed bodies

The Accounting Standards Board of Japan is a prescribed body only in respect of the group accounts of parent companies with securities admitted to trading on the Fukuoka Stock Exchange, the Nagoya Stock Exchange, the Osaka Securities Exchange, the Sapporo Securities Exchange, the Tokyo Stock Exchange and the Tokyo Financial Exchange.

Section 5 Prescribed bodies

The bodies listed in regulation 2 are not prescribed bodies in respect of the group accounts of parent companies with securities admitted to trading on a regulated market in an EEA State.

Section 6 Prescribed bodies

The bodies listed in regulation 2 are prescribed bodies only in respect of the group accounts for financial years ending on or before 31st December 2014.