The International Accounting Standards, Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020

• Citation: S.I. 2020/335
• Sections: 9

Section 1 Citation and commencement

These Regulations may be cited as the International Accounting Standards, Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2020 and come into force immediately before IP completion day.

Section 2 Amendment of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019

The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 are amended in accordance with this Part.

Section 3 Amendment of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019

In the heading to regulation 1, for “commencement and application” substitute “commencement, application and transitional provisions”.

Section 4 Amendment of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019

After regulation 1(4), insert—

(5) For the purposes of Part 15 of the Companies Act 2006 , where accounts for a financial year within paragraph (6) are permitted to be prepared in accordance with international accounting standards (as defined in section 474 of that Act ), the accounts may be prepared in accordance with international accounting standards which have been adopted for use within the United Kingdom by virtue of Chapter 3 of Part 2 of these Regulations.

(6) The financial years referred to in paragraph (5) are—

(a) a financial year which begins before but ends on or after IP completion day;

(b) a financial year which ends before IP completion day, where IP completion day occurs before the end of the period for filing the accounts.

(7) Where, in reliance on paragraph (5), accounts are prepared in accordance with international accounting standards which have been adopted for use within the United Kingdom, the notes to the accounts must include a statement to that effect.

(8) Where a statement is included in the notes to the accounts in accordance with paragraph (7), the notes need not include the statement specified under section 397(2) or section 406(2) of the Companies Act 2006 (as the case may be).

Section 5 Amendment of the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019

In regulation 20(2), for “regulation 3” substitute “regulation 4”.

Section 6 Amendment of the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

The Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 are amended in accordance with this Part.

Section 7 Amendment of the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

In regulation 28(c), in inserted sub-paragraph (1B), for “For the purposes of sub-paragraph (1A)(b)(ii)” substitute “For the purposes of sub-paragraph (1A)(b)(iii)”.

Section 8 Amendment of the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

In regulation 96, for paragraph (c), substitute—

(c) omit the third subparagraph.

Section 9 Amendment of the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019

In Schedule 3, after paragraph 1(j) insert—

(k) Commission Implementing Decision (EU) 2019/1874 of 6 November 2019 on the adequacy of the competent authorities of the People’s Republic of China pursuant to Directive 2006/43/EC of the European Parliament and of the Council.