Made | 11th November 2004 | ||
Coming into force | 12th November 2004 |
This subsection is subject to the following provisions of this section and section 227C (consistency of accounts).
(3) The individual accounts of a company that is a charity must be Companies Act individual accounts.
(4) After the first financial year in which the directors of a company prepare IAS individual accounts ("the first IAS year"), all subsequent individual accounts of the company must be prepared in accordance with international accounting standards unless there is a relevant change of circumstance.
(5) There is a relevant change of circumstance if, at any time during or after the first IAS year-
In this subsection "regulated market" has the same meaning as it has in Council Directive 93/22/EEC on investment services in the securities field.[3]
(6) If, having changed to preparing Companies Act individual accounts following a relevant change of circumstance, the directors again prepare IAS individual accounts for the company, subsections (4) and (5) apply again as if the first financial year for which such accounts are again prepared were the first IAS year.
226A.
Companies Act individual accounts
(1) Companies Act individual accounts must comprise-
(2) The balance sheet must give a true and fair view of the state of affairs of the company as at the end of the financial year; and the profit and loss account must give a true and fair view of the profit or loss of the company for the financial year.
(3) Companies Act individual accounts must comply with the provisions of Schedule 4 as to the form and content of the balance sheet and profit and loss account and additional information to be provided by way of notes to the accounts.
(4) Where compliance with the provisions of that Schedule, and the other provisions of this Act as to the matters to be included in a company's individual accounts or in notes to those accounts, would not be sufficient to give a true and fair view, the necessary additional information must be given in the accounts or in a note to them.
(5) If in special circumstances compliance with any of those provisions is inconsistent with the requirement to give a true and fair view, the directors must depart from that provision to the extent necessary to give a true and fair view.
(6) Particulars of any such departure, the reasons for it and its effect must be given in a note to the accounts.
226B.
IAS individual accounts
Where the directors of a company prepare IAS individual accounts, they must state in the notes to those accounts that the accounts have been prepared in accordance with international accounting standards.
227.
Duty to prepare group accounts
(1) If at the end of a financial year a company is a parent company the directors, as well as preparing individual accounts for the year, shall prepare consolidated accounts for the group for the year.
Those accounts are referred to in this Part as the company's "group accounts".
(2) The group accounts of certain parent companies are required by Article 4 of the IAS Regulation to be prepared in accordance with international accounting standards ("IAS group accounts").
(3) The group accounts of other companies may be prepared-
This subsection is subject to the following provisions of this section.
(4) The group accounts of a parent company that is a charity must be Companies Act group accounts.
(5) After the first financial year in which the directors of a parent company prepare IAS group accounts ("the first IAS year"), all subsequent group accounts of the company must be prepared in accordance with international accounting standards unless there is a relevant change of circumstance.
(6) There is a relevant change of circumstance if, at any time during or after the first IAS year-
In this subsection "regulated market" has the same meaning as it has in Council Directive 93/22/EEC on investment services in the securities field.
(7) If, having changed to preparing Companies Act group accounts following a relevant change of circumstance, the directors again prepare IAS group accounts for the company, subsections (5) and (6) apply again as if the first financial year for which such accounts are again prepared were the first IAS year.
(8) This section is subject to the exemptions provided by sections 228 (parent companies included in accounts of larger EEA group), 228A (parent companies included in non-EEA group accounts), 229(5) (all subsidiary undertakings excluded from consolidation) and 248 (small and medium-sized groups).
227A.
Companies Act group accounts
(1) Companies Act group accounts must comprise-
(2) The accounts must give a true and fair view of the state of affairs as at the end of the financial year, and the profit or loss for the financial year, of the undertakings included in the consolidation as a whole, so far as concerns members of the company.
(3) Companies Act group accounts must comply with the provisions of Schedule 4A as to the form and content of the consolidated balance sheet and consolidated profit and loss account and additional information to be provided by way of notes to the accounts.
(4) Where compliance with the provisions of that Schedule, and the other provisions of this Act as to the matters to be included in a company's group accounts or in notes to those accounts, would not be sufficient to give a true and fair view, the necessary additional information must be given in the accounts or in a note to them.
(5) If in special circumstances compliance with any of those provisions is inconsistent with the requirement to give a true and fair view, the directors must depart from that provision to the extent necessary to give a true and fair view.
(6) Particulars of any such departure, the reasons for it and its effect must be given in a note to the accounts.
227B.
IAS group accounts
Where the directors of a parent company prepare IAS group accounts, they must state in the notes to those accounts that the accounts have been prepared in accordance with international accounting standards.
227C.
Consistency of accounts
(1) The directors of a parent company must secure that the individual accounts of-
(2) Subsection (1) does not apply if the directors do not prepare group accounts for the parent company.
(3) Subsection (1) only applies to accounts of subsidiary undertakings that are required to be prepared under this Part.
(4) Subsection (1) does not require accounts of undertakings that are charities to be prepared using the same financial reporting framework as accounts of undertakings which are not charities.
(5) Subsection (1)(a) does not apply where the directors of a parent company prepare IAS group accounts and IAS individual accounts."
Consequential amendments
3.
Schedule 1 (IAS accounts: consequential amendments to the 1985 Act) has effect.
Such notice must be served not later than six months after the end of the financial year before that to which it relates.
(2) Exemption is conditional upon compliance with all of the following conditions-
(f) that the company delivers to the registrar, within the period allowed for delivering its individual accounts, copies of the group accounts and, where appropriate, of the consolidated annual report, together with the auditors' report on them; and
(g) subject to section 710B(6) (delivery of certain Welsh documents without a translation) that if any document comprised in accounts and reports delivered in accordance with paragraph (f) is in a language other than English, there is annexed to the copy of that document delivered a translation of it into English, certified in the prescribed manner to be a correct translation.
(3) The exemption does not apply to a company any of whose securities are admitted to trading on a regulated market of any EEA State within the meaning of Council Directive 93/22/EEC on investment services in the securities field.
(4) Shares held by directors of a company for the purpose of complying with any share qualification requirement are disregarded in determining for the purposes of subsection (1)(a) whether the company is a wholly-owned subsidiary.
(5) For the purposes of subsection (1)(b), shares held by a wholly-owned subsidiary of the parent undertaking, or held on behalf of the parent undertaking or a wholly-owned subsidiary, are attributed to the parent undertaking.
(6) In subsection (3) "securities" includes-
Subsidiary undertakings included in consolidation
5.
In section 229 of the 1985 Act (subsidiary undertakings included in the consolidation)[4]-
Content of auditors' report
6.
- (1) Section 235 of the 1985 Act (auditors' report)[5] is amended as follows.
(2) For subsection (2) substitute-
(1B) The report must state clearly whether in the auditors' opinion the annual accounts have been properly prepared in accordance with the requirements of this Act (and, where applicable, Article 4 of the IAS Regulation).
(2) The report must state in particular whether the annual accounts give a true and fair view, in accordance with the relevant financial reporting framework-
(2A) The auditors' report-
Auditors' report to be dated
7.
In section 236(1) of the 1985 Act (signature of auditors' report)[6], after "signed" insert "and dated".
Requirements for auditors' report published with accounts
8.
In section 240(3) of the 1985 Act (requirements in connection with publication of accounts)[7]-
(e) whether any report made for the purposes of section 249A(2) was qualified;".
Repeal of 3 month extension for laying and delivering accounts etc
9.
Omit subsection (3) of section 244 of the 1985 Act (3 month extension of period allowed for laying and delivering accounts and reports where oversea interests)[8].
Voluntary revision of annual accounts
10.
- (1) Section 245 of the 1985 Act (voluntary revision of defective accounts and reports)[9] is amended as follows.
(2) In subsection (1)-
(3) In subsection (3), after "annual accounts" insert "or a revised summary financial statement".
(4) In subsection (4)(a) and (b), for "or report" substitute ", statement or report".
Summary financial statements
11.
- (1) For the heading before section 251 of the 1985 Act (provision of summary financial statement to shareholders)[10] substitute " Summary financial statement".
(2) In subsection (1) of that section-
Participating interest no longer required to be subsidiary undertaking
12.
- (1) In section 258(4) of the 1985 Act (parent and subsidiary undertakings)[11]-
(2) The modification of section 258(4) in paragraph (1) also applies for the purposes of -
Disclosures in relation to financial instruments
13.
- (1) In Schedule 7 to the 1985 Act (disclosures to be made in directors' report)[14], after paragraph 5 insert-
unless such information is not material for the assessment of the assets, liabilities, financial position and profit or loss of the company and its subsidiary undertakings included in the consolidation.
(2) In sub-paragraph (1) the expressions "hedge accounting", "price risk", "credit risk", "liquidity risk" and "cash flow risk" have the same meaning as they have in Council Directive 78/660/EEC on the annual accounts of certain types of companies, and in Council Directive 83/349/EEC on consolidated accounts, as amended."[15]
(2) In section 246(4) of the 1985 Act (exemptions for small companies from disclosures in directors' report)[16], after paragraph (b) insert-
Amendment of Schedules to the 1985 Act
14.
- (1) Schedule 4 to the 1985 Act (form and content of company accounts)[17] is amended in accordance with Schedule 2 to these Regulations.
(2) Schedule 8 to the 1985 Act (form and content of accounts prepared by small companies)[18] is amended in accordance with Schedule 3 to these Regulations.
(3) Schedule 8A to the 1985 Act (form and content of abbreviated accounts of small companies delivered to registrar)[19] is amended in accordance with Schedule 4 to these Regulations.
(4) Schedule 9 to the 1985 Act (form and content of accounts of banking companies and groups)[20] is amended in accordance with Schedule 5 to these Regulations.
(5) Schedule 9A to the 1985 Act (form and content of accounts of insurance companies and groups)[21] is amended in accordance with Schedule 6 to these Regulations.
Minor and consequential amendments
15.
Schedule 7 to these Regulations makes minor and consequential amendments to the 1985 Act and to other enactments.
Jacqui Smith,
Minister for Industry and the Regions and Deputy Minister for Women and Equality, Department of Trade and Industry
11th November 2004
(ii) after "etc)" insert -
(c) omit from "as stated" to the end.
4.
In section 221 (duty to keep accounting records)[22], in subsections (1)(b) and (4)-
5.
In section 222(3)(b) (accounts and returns to be sent to Great Britain)[23]-
6.
In section 228 (exemption from obligation to prepare group accounts for parent companies included in accounts of larger group)[24], in subsection (2)(b) at the end insert "or in accordance with international accounting standards".
7.
In section 229 (subsidiary undertakings included in the consolidation)-
(b) in each of subsections (2) and (3), after "consolidation" insert "in Companies Act group accounts";
(c) for subsection (5) substitute-
8.
In section 230 (treatment of individual profit and loss account where group accounts prepared)[25], in subsection (2) at the beginning insert "Where the company prepares Companies Act individual accounts,".
9.
After section 231 insert-
(2) The average number required by subsection (1)(a) or (b) is determined by dividing the relevant annual number by the number of months in the financial year.
(3) The relevant annual number is determined by ascertaining for each month in the financial year-
and, in either case, adding together all the monthly numbers.
(4) In respect of all persons employed by the company during the financial year who are taken into account in determining the relevant annual number for the purposes of subsection (1)(a) there must also be stated the aggregate amounts respectively of-
This does not apply in so far as those amounts, or any of them, are stated elsewhere in the company's accounts.
(5) For the purposes of subsection (1)(b), the categories of person employed by the company are such as the directors may select, having regard to the manner in which the company's activities are organised.
(6) This section applies in relation to group accounts as if the undertakings included in the consolidation were a single company.
(7) In this section "social security costs" and "pension costs" have the same meaning as in Schedule 4 (see paragraph 94(1) and (2) of that Schedule)."
10.
In section 233(5) (criminal penalty for failing to comply with accounting requirements)[26], after "requirements of this Act" insert "(or, where applicable, of Article 4 of the IAS Regulation)".
11.
- (1) In sections 245 to 245C (revision of defective accounts or reports)[27] , after "requirements of this Act", wherever occurring, insert "(or, where applicable, of Article 4 of the IAS Regulation)".
(2) That expression occurs in section 245(1) and (2), in section 245A(1), in section 245B(1), (4) and (5) and in section 245C(1).
12.
- (1) Section 246 (special provisions for small companies)[28] is amended as follows.
(2) In subsection (2)-
(3) In subsection (5)(c), after "if" insert "they prepare Companies Act individual accounts and".
13.
In section 246A(1) (special provisions for medium-sized companies)[29], in subsection (1) at the end insert "and its directors prepare Companies Act individual accounts for that year".
14.
In section 247 (qualification of company as small or medium-sized)[30], for subsection (5) substitute-
(b) in the case of IAS individual accounts, the aggregate of the amounts shown as assets in the balance sheet."
15.
In section 248A(1)(b) (group accounts prepared by small company)[31] for "group accounts" substitute "Companies Act group accounts".
16.
In section 249C (report required for the purposes of exemption from audit under section 249A)[32], in subsection (6)(a), for "section 226(3)" substitute "section 226A(3)".
17.
In section 255 (special provisions for banking and insurance companies)[33], after subsection (4) insert-
18.
- (1) Section 255A (special provisions for banking and insurance groups)[34] is amended as follows.
(2) In subsection (6)(a), for "section 227(5) and (6)" substitute "section 227A(4) and (5)".
(3) After subsection (6) insert-
19.
In section 261(2) (notes to the accounts)[35], after "any provision of this Act" insert "or international accounting standards".
20.
- (1) Section 262 (minor definitions)[36] is amended as follows.
(2) In subsection (1)-
(3) After subsection (2) insert-
21.
- (1) Section 262A (index of defined expressions)[38] is amended as follows.
(2) At the appropriate places insert the following defined expressions-
"Companies Act accounts | Section 262(1)" |
"Companies Act group accounts | Sections 227(2) and 255A(6A)" |
"Companies Act individual accounts | Sections 226(2) and 255(4A)" |
"group accounts | Section 227(1)" |
"IAS accounts | Section 262(1)" |
"IAS group accounts | Section 227(2) and (3)" |
"IAS individual accounts | Section 226(2)" |
"IAS Regulation | Section 262(1)" |
"international accounting standards | Section 262(1)". |
"(in relation to IAS accounts) | Section 262(1)". |
"true and fair view | Section 262(2A)". |
(b) at the end insert -
25.
- (1) Section 269(2) (treatment of development costs)[41] is amended as follows.
(2) Omit "and" at the end of paragraph (a).
(3) In paragraph (b)-
(b) for "states" substitute -
(c) for "and explains" substitute -
26.
In section 270(2) (distribution to be justified by reference to company's accounts), in paragraph (b)-
(b) after "etc)" insert -
27.
In section 272(3) (interim accounts must be properly prepared)[42] after "that section" insert "and sections 226A and 226B".
28.
In section 275 (treatment of assets in the relevant accounts), for subsection (1) substitute-
(1A) In subsection (1), a revaluation provision means a provision in respect of a diminution in value of a fixed asset appearing on a revaluation of all the fixed assets of the company, or of all of its fixed assets other than goodwill".
29.
In section 742(1) (expressions used in connection with accounts)[43] insert at the appropriate place " "Companies Act accounts" ", " "Companies Act individual accounts" ", " "IAS accounts" " and " "IAS individual accounts" ".
30.
- (1) Section 744A (index of defined expressions)[44] is amended as follows.
(2) At the appropriate places insert the following defined expressions-
"Companies Act accounts | Sections 262(1) and 742(1)" |
"Companies Act individual accounts | Sections 226(2), 255(4A) and 742(1)" |
"IAS accounts | Sections 262(1) and 742(1)" |
"IAS individual accounts | Sections 226(2) and 742(1)". |
35.
In Part 1 of Schedule 9A (form and content of insurance companies' accounts)[49]-
36.
- (1) Schedule 11 (modifications of Part 8 for banking and insurance companies)[50] is amended as follows.
(2) In paragraph 5, for "section 226" substitute "sections 226, 226A and 226B".
(3) At the beginning of paragraph 9 insert "In the case of Companies Act accounts," .
(4) In paragraph 10, for "section 226" substitute "sections 226, 226A and 226B".
4.
- (1) In the Balance Sheet Formats, for "provisions for liabilities and charges", wherever occurring, substitute "provisions for liabilities".
(2) That expression occurs-
5.
In paragraph 12(b) (extent to which liabilities and losses to be taken into account) omit "and losses" and "or are likely to arise".
6.
- (1) Part 2 (accounting principles and rules) is amended as follows.
(2) In paragraph 16 (general requirement to use historical cost accounting), for "Subject to section C" substitute "Subject to sections C and D".
(3) After section C insert-
(3) Sub-paragraph (1) does not apply to-
(4) If the fair value of a financial instrument cannot be determined reliably in accordance with paragraph 34B, sub-paragraph (1) does not apply to that financial instrument.
(5) In this paragraph-
Determination of fair value
34B.
- (1) The fair value of a financial instrument is determined in accordance with this paragraph.
(2) If a reliable market can readily be identified for the financial instrument, its fair value is determined by reference to its market value.
(3) If a reliable market cannot readily be identified for the financial instrument but can be identified for its components or for a similar instrument, its fair value is determined by reference to the market value of its components or of the similar instrument.
(4) If neither sub-paragraph (2) nor (3) applies, the fair value of the financial instrument is a value resulting from generally accepted valuation models and techniques.
(5) Any valuation models and techniques used for the purposes of sub-paragraph (4) must ensure a reasonable approximation of the market value.
Inclusion of hedged items at fair value
34C.
A company may include any assets and liabilities that qualify as hedged items under a fair value hedge accounting system, or identified portions of such assets or liabilities, at the amount required under that system.
Other assets that may be included at fair value
34D.
- (1) This paragraph applies to-
that, under international accounting standards, may be included in accounts at fair value.
(2) Such investment property and such living animals and plants may be included at fair value, provided that all such investment property or, as the case may be, all such living animals and plants are so included where their fair value can reliably be determined.
(3) In this paragraph, "fair value" means fair value determined in accordance with relevant international accounting standards.
Accounting for changes in value
34E.
- (1) This paragraph applies where a financial instrument is valued in accordance with paragraph 34A or 34C or an asset is valued in accordance with paragraph 34D.
(2) Notwithstanding paragraph 12 of this Schedule, and subject to sub-paragraphs (3) and (4) below, a change in the value of the financial instrument or of the investment property or living animal or plant must be included in the profit and loss account.
(3) Where-
the amount of the change in value must be credited to or (as the case may be) debited from a separate reserve ("the fair value reserve").
(4) Where the instrument accounted for-
the change in value may be credited to or (as the case may be) debited from the fair value reserve.
The fair value reserve
34F.
- (1) The fair value reserve must be adjusted to the extent that the amounts shown in it are no longer necessary for the purposes of paragraph 34E(3) or (4).
(2) The treatment for taxation purposes of amounts credited or debited to the fair value reserve must be disclosed in a note to the accounts."
7.
- (1) Part 3 (notes to the accounts) is amended as follows.
(2) After paragraph 35 insert-
(3) After paragraph 45[52] insert-
in respect of those instruments, and
(c) for each class of derivatives, the extent and nature of the instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows.
(3) Where any amount is transferred to or from the fair value reserve during the financial year, there must be stated in tabular form-
45B.
Where the company has derivatives that it has not included at fair value, there must be stated for each class of such derivatives-
45C.
- (1) Sub-paragraph (2) applies if-
(2) There must be stated-
Information where investment property and living animals and plants included at fair value
45D.
- (1) This paragraph applies where the amounts to be included in a company's accounts in respect of investment property or living animals and plants have been determined in accordance with paragraph 34D.
(2) The balance sheet items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in a note to the accounts.
(3) In the case of investment property, for each balance sheet item affected there must be shown, either separately in the balance sheet or in a note to the accounts-
(4) In sub-paragraph (3) above, references in relation to any item to the comparable amounts determined in accordance with that sub-paragraph are references to-
8.
In paragraph 46(1) (transfers to and from reserves and provisions)-
9.
In paragraph 72(2) (distributions by investment companies), for "provision for liabilities or charges" substitute "provision for liabilities".
10.
After paragraph 76 (interpretation) insert-
76B.
- (1) The expressions listed in sub-paragraph (2) have the same meaning as they have in Council Directive 78/660/EEC on the annual accounts of certain types of companies, as amended.[53]
(2) Those expressions are "available for sale financial asset", "business combination", "commodity-based contracts", "derivative", "equity instrument", "exchange difference", "fair value hedge accounting system", "financial fixed asset", "financial instrument", "foreign entity", "hedge accounting", "hedge accounting system", "hedged items", "hedging instrument", "held for trading purposes", "held to maturity", "monetary item", "receivables", "reliable market" and "trading portfolio"."
11.
After paragraph 82 insert-
12.
In paragraph 89 (interpretation of references to provisions for liabilities or charges)-
4.
- (1) In the Balance Sheet Formats, for "provisions for liabilities and charges", wherever occurring, substitute "provisions for liabilities".
(2) That expression occurs-
5.
In paragraph 12(b) (extent to which liabilities and losses to be taken into account) omit "and losses" and "or are likely to arise".
6.
- (1) Part 2 (accounting principles and rules) is amended as follows.
(2) In paragraph 16 (general requirement to use historical cost accounting), for "Subject to section C" substitute "Subject to sections C and D".
(3) After section C insert-
(3) Sub-paragraph (1) does not apply to-
(4) If the fair value of a financial instrument cannot be determined reliably in accordance with paragraph 34B, sub-paragraph (1) does not apply to that financial instrument.
(5) In this paragraph-
Determination of fair value
34B.
- (1) The fair value of a financial instrument is determined in accordance with this paragraph.
(2) If a reliable market can readily be identified for the financial instrument, its fair value is determined by reference to its market value.
(3) If a reliable market cannot readily be identified for the financial instrument but can be identified for its components or for a similar instrument, its fair value is determined by reference to the market value of its components or of the similar instrument.
(4) If neither sub-paragraph (2) nor (3) applies, the fair value of the financial instrument is a value resulting from generally accepted valuation models and techniques.
(5) Any valuation models and techniques used for the purposes of sub-paragraph (4) must ensure a reasonable approximation of the market value.
Inclusion of hedged items at fair value
34C.
A company may include any assets and liabilities that qualify as hedged items under a fair value hedge accounting system, or identified portions of such assets or liabilities, at the amount required under that system.
Other assets that may be included at fair value
34D.
- (1) This paragraph applies to-
that, under international accounting standards, may be included in accounts at fair value.
(2) Such investment property and such living animals and plants may be included at fair value, provided that all such investment property or, as the case may be, all such living animals and plants are so included where their fair value can reliably be determined.
(3) In this paragraph, "fair value" means fair value determined in accordance with relevant international accounting standards.
Accounting for changes in value
34E.
- (1) This paragraph applies where a financial instrument is valued in accordance with paragraph 34A or 34C or an asset is valued in accordance with paragraph 34D.
(2) Notwithstanding paragraph 12 of this Schedule, and subject to sub-paragraphs (3) and (4) below, a change in the value of the financial instrument or of the investment property or living animal or plant must be included in the profit and loss account.
(3) Where-
the amount of the change in value must be credited to or (as the case may be) debited from a separate reserve ("the fair value reserve").
(4) Where the instrument accounted for-
the change in value may be credited to or (as the case may be) debited from the fair value reserve.
The fair value reserve
34F.
- (1) The fair value reserve must be adjusted to the extent that the amounts shown in it are no longer necessary for the purposes of paragraph 34E(3) or (4).
(2) The treatment for taxation purposes of amounts credited or debited to the fair value reserve must be disclosed in a note to the accounts."
7.
- (1) Part 3 (notes to the accounts) is amended as follows.
(2) After paragraph 35 insert-
(3) After paragraph 42 insert-
in respect of those instruments, and
(c) for each class of derivatives, the extent and nature of the instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows.
(3) Where any amount is transferred to or from the fair value reserve during the financial year, there must be stated in tabular form-
42B.
- (1) Sub-paragraph (2) applies if-
(2) There must be stated-
Information where investment property and living animals and plants included at fair value
42C.
- (1) This paragraph applies where the amounts to be included in a company's accounts in respect of investment property or living animals and plants have been determined in accordance with paragraph 34D.
(2) The balance sheet items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in a note to the accounts.
(3) In the case of investment property, for each balance sheet item affected there must be shown, either separately in the balance sheet or in a note to the accounts-
(4) In sub-paragraph (3) above, references in relation to any item to the comparable amounts determined in accordance with that sub-paragraph are references to-
8.
In paragraph 43(1)(transfers to and from reserves and provisions)-
9.
After paragraph 52 (interpretation) insert-
52B.
- (1) The expressions listed in sub-paragraph (2) have the same meaning as they have in Council Directive 78/660/EEC on the annual accounts of certain types of companies, as amended.[55]
(2) Those expressions are "available for sale financial asset", "business combination", "commodity-based contracts", "derivative", "equity instrument", "exchange difference", "fair value hedge accounting system", "financial fixed asset", "financial instrument", "foreign entity", "hedge accounting", "hedge accounting system", "hedged items", "hedging instrument", "held for trading purposes", "held to maturity", "monetary item", "receivables", "reliable market" and "trading portfolio"".
10.
After paragraph 53 insert-
11.
In paragraph 58 (interpretation of references to provisions for liabilities or charges)-
3.
After paragraph 7 (notes to be included in small company accounts delivered to registrar of companies) insert-
(2) There must be stated-
4.
In the Balance Sheet Format, under the heading "LIABILITIES", for "Provisions for liabilities and charges" substitute "Provisions for liabilities".
5.
In paragraph 19(b) (extent to which liabilities and losses to be taken into account) omit "and losses" and "or are likely to arise".
6.
In paragraph 23 (preliminary paragraph on historical cost accounting rules) for "paragraphs 39 to 44" substitute "paragraphs 39 to 44F".
7.
After paragraph 44 insert-
(3) Sub-paragraph (1) does not apply to-
(4) If the fair value of a financial instrument cannot be determined reliably in accordance with paragraph 44B, sub-paragraph (1) does not apply to that financial instrument.
(5) In this paragraph-
Determination of fair value
44B.
- (1) The fair value of a financial instrument is determined in accordance with this paragraph.
(2) If a reliable market can readily be identified for the financial instrument, its fair value is determined by reference to its market value.
(3) If a reliable market cannot readily be identified for the financial instrument but can be identified for its components or for a similar instrument, its fair value is determined by reference to the market value of its components or of the similar instrument.
(4) If neither sub-paragraph (2) nor (3) applies, the fair value of the financial instrument is a value resulting from generally accepted valuation models and techniques.
(5) Any valuation models and techniques used for the purposes of sub-paragraph (4) must ensure a reasonable approximation of the market value.
Inclusion of hedged items at fair value
44C.
A company may include any assets and liabilities that qualify as hedged items under a fair value hedge accounting system, or identified portions of such assets or liabilities, at the amount required under that system.
Other assets that may be included at fair value
44D.
- (1) This paragraph applies to-
that, under international accounting standards, may be included in accounts at fair value.
(2) Such investment property and such living animals and plants may be included at fair value, provided that all such investment property or, as the case may be, all such living animals and plants are so included where their fair value can reliably be determined.
(3) In this paragraph, "fair value" means fair value determined in accordance with relevant international accounting standards.
Accounting for changes in value
44E.
- (1) This paragraph applies where a financial instrument is valued in accordance with paragraph 44A or 44C or an asset is valued in accordance with paragraph 44D.
(2) Notwithstanding paragraph 19 of this Schedule, and subject to sub-paragraphs (3) and (4) below, a change in the value of the financial instrument or of the investment property or living animal or plant must be included in the profit and loss account.
(3) Where-
the amount of the change in value must be credited to or (as the case may be) debited from a separate reserve ("the fair value reserve").
(4) Where the instrument accounted for-
the change in value may be credited to or (as the case may be) debited from the fair value reserve.
The fair value reserve
44F.
- (1) The fair value reserve must be adjusted to the extent that the amounts shown in it are no longer necessary for the purposes of paragraph 44E(3) or (4).
(2) The treatment for taxation purposes of amounts credited or debited to the fair value reserve shall be disclosed in a note to the accounts."
8.
- (1) Chapter 3 (notes to the accounts) is amended as follows.
(2) After paragraph 50 insert-
(3) After paragraph 58 insert-
in respect of those instruments, and
(c) for each class of derivatives, the extent and nature of the instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows.
(3) Where any amount is transferred to or from the fair value reserve during the financial year, there must be stated in tabular form-
58B.
Where the company has derivatives that it has not included at fair value, there must be stated for each class of such derivatives-
58C.
- (1) Sub-paragraph (2) applies if-
(2) There must be stated-
Information where investment property and living animals and plants included at fair value
58D.
- (1) This paragraph applies where the amounts to be included in a company's accounts in respect of investment property or living animals and plants have been determined in accordance with paragraph 44D.
(2) The balance sheet items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in a note to the accounts.
(3) In the case of investment property, for each balance sheet item affected there must be shown, either separately in the balance sheet or in a note to the accounts-
(4) In sub-paragraph (3) above, references in relation to any item to the comparable amounts determined in accordance with that sub-paragraph are references to-
9.
In paragraph 59(1) (transfers to and from reserves and provisions)-
10.
In paragraph 82 (general interpretation), at the appropriate place, insert-
11.
After paragraph 82 (general interpretation) insert-
82B.
- (1) The expressions listed in sub-paragraph (2) have the same meaning in paragraphs 44A to 44F, 58A to 58C and 82A of this Part of this Schedule as they have in Council Directives 78/660/EEC on the annual accounts of certain types of companies and 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions, as amended.[58]
(2) Those expressions are "available for sale financial asset", "business combination", "commodity-based contracts", "derivative", "equity instrument", "exchange difference", "fair value hedge accounting system", "financial fixed asset", "financial instrument", "foreign entity", "hedge accounting", "hedge accounting system", "hedged items", "hedging instrument", "held for trading purposes", "held to maturity", "monetary item", "receivables", "reliable market" and "trading portfolio"."
12.
In paragraph 85(c) (interpretation of references to provisions for liabilities or charges)-
4.
In the Balance Sheet Format, under the heading "LIABILITIES", for "Provisions for other risks and charges" substitute "Provisions for other risks".
5.
In paragraph 16(b) (extent to which liabilities and losses to be taken into account) omit "and losses" and "or are likely to arise".
6.
- (1) After paragraph 19 insert -
(2) The amounts to be included in respect of assets of any description mentioned in paragraph 23 (alternative valuation of fixed-income securities) may be determined-
(3) The amounts to be included in respect of assets which-
may be determined in accordance with that section.
(4) Subject to sub-paragraphs (1) to (3), the amounts to be included in respect of all items shown in a company's accounts are determined in accordance with section C."
(2) Omit paragraph 20 (preliminary paragraph on current value accounting rules).
7.
- (1) In Chapter 2 (accounting principles and rules), after paragraph 29 insert-
(3) Except where they fall to be included under Assets item D (assets held to cover linked liabilities), sub-paragraph (1) does not apply to-
(4) If the fair value of a financial instrument cannot be determined reliably in accordance with paragraph 29B, sub-paragraph (1) does not apply to that financial instrument.
(5) In this paragraph-
Determination of fair value
29B.
- (1) The fair value of a financial instrument is determined in accordance with this paragraph.
(2) If a reliable market can readily be identified for the financial instrument, its fair value is determined by reference to its market value.
(3) If a reliable market cannot readily be identified for the financial instrument but can be identified for its components or for a similar instrument, its fair value is determined by reference to the market value of its components or of the similar instrument.
(4) If neither sub-paragraph (2) nor (3) applies, the fair value of the financial instrument is a value resulting from generally accepted valuation models and techniques.
(5) Any valuation models and techniques used for the purposes of sub-paragraph (4) must ensure a reasonable approximation of the market value.
Inclusion of hedged items at fair value
29C.
A company may include any assets and liabilities that qualify as hedged items under a fair value hedge accounting system, or identified portions of such assets or liabilities, at the amount required under that system.
Other assets that may be included at fair value
29D.
- (1) This paragraph applies to-
that, under international accounting standards, may be included in accounts at fair value.
(2) Such investment property and such living animals and plants may be included at fair value, provided that all such investment property or, as the case may be, all such living animals and plants are so included where their fair value can reliably be determined.
(3) In this paragraph, "fair value" means fair value determined in accordance with relevant international accounting standards.
Accounting for changes in value
29E.
- (1) This paragraph applies where a financial instrument is valued in accordance with paragraph 29A or 29C or an asset is valued in accordance with paragraph 29D.
(2) Notwithstanding paragraph 16 in this Part of this Schedule, and subject to sub-paragraphs (3) and (4) below, a change in the value of the financial instrument or of the investment property or living animal or plant must be included in the profit and loss account.
(3) Where-
the amount of the change in value must be credited to or (as the case may be) debited from a separate reserve ("the fair value reserve").
(4) Where the instrument accounted for-
the change in value may be credited to or (as the case may be) debited from the fair value reserve.
The fair value reserve
29F.
- (1) The fair value reserve must be adjusted to the extent that the amounts shown in it are no longer necessary for the purposes of paragraph 29E(3) or (4).
(2) The treatment for taxation purposes of amounts credited or debited to the fair value reserve shall be disclosed in a note to the accounts."
(2) Omit paragraph 30 (preliminary paragraph on historical cost accounting rules).
8.
After paragraph 57 insert-
9.
After paragraph 65 (information supplementing the balance sheet)[60] insert-
in respect of those instruments, and
(c) for each class of derivatives, the extent and nature of the instruments, including significant terms and conditions that may affect the amount, timing and certainty of future cash flows.
(5) Where any amount is transferred to or from the fair value reserve during the financial year, there must be stated in tabular form-
65B
Where the company has derivatives that it has not included at fair value, there must be stated for each class of such derivatives-
65C
- (1) Sub-paragraph (2) applies if-
(2) There must be stated-
Information where investment property and living animals and plants included at fair value
65D
- (1) This paragraph applies where the amounts to be included in a company's accounts in respect of investment property or living animals and plants have been determined in accordance with paragraph 29D.
(2) The balance sheet items affected and the basis of valuation adopted in determining the amounts of the assets in question in the case of each such item must be disclosed in a note to the accounts.
(3) In the case of investment property, for each balance sheet item affected there must be shown, either separately in the balance sheet or in a note to the accounts-
(4) In sub-paragraph (3) above, references in relation to any item to the comparable amounts determined in accordance with that sub-paragraph are references to-
10.
In paragraph 66(1)(b) and (c) (transfers to or from provisions)[61] , for "provisions for other risks and charges" substitute "provisions for other risks".
11.
In paragraph 81 (general interpretation)[62], at the appropriate place, insert-
12.
After paragraph 81 (general interpretation) insert-
81B
- (1) The expressions listed in sub-paragraph (2) have the same meaning in Section BA of Chapter 2 and paragraphs 65A to 65C and 81A of this Part of this Schedule as they have in Council Directives 78/660/EEC on the annual accounts of certain types of companies and 91/674/EEC on the annual accounts and consolidated accounts of insurance undertakings, as amended.[63]
(2) Those expressions are "available for sale financial asset", "business combination", "commodity-based contracts", "derivative", "equity instrument", "exchange difference", "fair value hedge accounting system", "financial fixed asset", "financial instrument", "foreign entity", "hedge accounting", "hedge accounting system", "hedged items", "hedging instrument", "held for trading purposes", "held to maturity", "monetary item", "receivables", "reliable market" and "trading portfolio"."
13.
In paragraph 84(c) (interpretation of references to provisions for risks and charges)[64]-
after "(accounting standards)" insert " or to the international accounting standards, within the meaning of EC Regulation No.1606/2002 of the European Parliament and of the Council of 19th July 2002 on the application of international accounting standards, adopted from time to time by the European Commission in accordance with that Regulation".
15.
The amendments in this Part of this Schedule do not extend to Northern Ireland.
They also make certain other minor and consequential amendments to the 1985 Act and to other enactments.
Part 1 of the Regulations (regulation 1) is introductory, and includes provision applying the Regulations to companies' financial years beginning on or after 1st January 2005.
Part 2 of the Regulations (regulations 2 and 3 and Schedule 1) amends Part 7 of the 1985 Act in order to give full effect to the requirement in article 4 of the IAS Regulation that companies whose securities are admitted to trading on a regulated market prepare their consolidated accounts in accordance with international accounting standards adopted pursuant to the Regulation. Article 4 defines regulated markets as having the meaning specified in article 1(13) of Council Directive 93/22/EEC of 10th May 1993 on investment services in the securities field (Official Journal No. L141/27 of 11th June 1993).
Part 2 of the Regulations also implements the Member State option in article 5 of the IAS Regulation by permitting (subject to certain conditions) -
Part 3 of the Regulations (regulations 4 to 15 and Schedules 2 to 7) contains the following further modifications of Part 7 of the 1985 Act -
Regulation 14 of the Regulations introduces Schedules 2 to 6 to the Regulations which amend Schedules 4 (form and content of company accounts), 8 (form and content of accounts prepared by small companies), 8A (form and content of abbreviated accounts of small companies), 9 (form and content of accounts of banking companies and groups) and 9A (form and content of accounts of insurance companies and groups) to the 1985 Act.
Paragraphs 2 and 7(2) of Schedule 2 amend the rules in Schedule 4 to the 1985 Act on the disclosure of dividends in company accounts. Equivalent amendments are made to Schedules 8 , 9 and 9A to the 1985 Act by paragraphs 2 and 7(2) of Schedule 3, paragraphs 2 and 8(2) of Schedule 5 and paragraphs 2 and 8 of Schedule 6 respectively.
Paragraph 3 of Schedule 2 implements article 1.2 of the Accounts Modernisation Directive by requiring that amounts be presented within items in the profit and loss account and balance sheet having regard to the substance of the reported transaction. Equivalent amendments are made to Schedules 8 , 9 and 9A to the 1985 Act by paragraphs 3 of Schedules 3, 5 and 6 .
Paragraphs 4, 5, 8, 9 and 12 of Schedule 2 implement articles 1.4, 1.5, 1.7, 1.9 and 1.11 of the Accounts Modernisation Directive by making minor changes to the terminology of the 1985 Act relating to "provisions". Equivalent amendments are made to Schedules 8 , 8A, 9 and 9A to the 1985 Act by paragraphs 4, 5, 8 and 11 of Schedule 3, paragraph 2 of Schedule 4, paragraphs 4, 5, 9 and 12 of Schedule 5 and paragraphs 4, 5, 10 and 13 of Schedule 6 respectively.
Paragraph 6 of Schedule 2 inserts a new Section D in Part 2 of Schedule 4 to the 1985 Act in order to implement the Fair Value Directive and article 1.12 of the Accounts Modernisation Directive. New Section D permits a company to include certain financial instruments (including derivatives), and investment property, living animals and plants in its accounts at fair value. It specifies -
Paragraph 7(3) of Schedule 2 requires information about fair valuation of financial instruments, investment property and living animals and plants to be given in the notes to a company's accounts, including where a company has chosen not to fair value its financial instruments. Paragraphs 10 and 11 insert definitions of relevant terms.
Equivalent modifications on fair valuation are made to-
Finally, regulation 15 of, and Schedule 7 to, the Regulations make minor and consequential amendments to the 1985 Act and to other enactments.
Full regulatory impact assessments of the effect that this instrument will have on the costs of business are available from the Department of Trade and Industry, Corporate Law and Governance Directorate, Elizabeth House, 39 York Road, London SE1 7LJ (they are also available electronically at www.dti.gov.uk/cld). Copies have also been placed in the libraries of both Houses of Parliament.
[2] Section 226 was substituted by section 4(1) of the Companies Act 1989, and section 227 by section 5(1) of that Act.back
[3] O.J. L141 of 11.6.1993 page 27, as last amended by Directive 2000/64/EEC of the European Parliament and of the Council (O.J. L290 of 17.11.2000, page 27).back
[4] Section 229 was substituted by section 5 of the Companies Act 1989.back
[5] Section 235 was substituted by section 9 of the Companies Act 1989, and amended by regulation 4 of S.I. 2002/1986.back
[6] Section 236 was substituted by section 9 of the Companies Act 1989.back
[7] Section 240 was substituted by section 10 of the Companies Act 1989, and amended by regulation 4 of, and paragraph 1 of Schedule 1 to, S.I. 1994/1935.back
[8] Section 244 was substituted by section 11 of the Companies Act 1989.back
[9] Section 245 was substituted by section 12 of the Companies Act 1989, and amended by regulation 4 of, and paragraph 2 in Part I of Schedule 1 to, S.I. 1994/1935 and regulation 10(9) of S.I. 2002/1986.back
[10] Section 251 was substituted by section 15 of the Companies Act 1989, and amended by regulation 3 of S.I. 1992/3003, by article 14 of S.I. 2000/3373, by article 15 of S.I. 2001/3649 and by regulation 8 of S.I. 2002/1986.back
[11] Section 258 was substituted by section 21(1) of the Companies Act 1989.back
[12] 1986 c. 53 (as amended by the Companies Act 1989 and the Building Societies Act 1997).back
[14] The paragraph in Schedule 7 previously numbered 5A was repealed by regulation 14 of S.I. 1996/189.back
[15] O.J. L222 of 14.8.1978 page 11 and O.J. L193 of 18.7.1983 page 1, as amended in particular by Directives 2001/65/EEC and 2003/51/EEC of the European Parliament and of the Council (O.J. L238 of 27.12.2001, page 28, and O.J. L178 of 17.7.2003, page 16).back
[16] Section 246 was substituted by regulation 2(1) of S.I. 1997/220, and amended by regulation 6(1) of S.I. 1997/570, and by regulation 8(1) of S.I. 2000/1430.back
[17] Schedule 4 was amended by section 4(2) of, and Schedule 1 to, the Companies Act 1989.back
[18] Schedule 8 was substituted by regulation 2(2) of, and Schedule 1 to, S.I. 1997/220.back
[19] Schedule 8A was inserted by regulation 2(3) of, and Schedule 2 to, S.I. 1997/220.back
[20] Parts I to III of Schedule 9 were inserted before a re-numbered Schedule 9A by regulation 5(1) of, and Schedule 1 to, S.I. 1991/2705. Part IV of Schedule 9 was substituted by section 18(3) and (4) of, and Part IV of Schedule 7 to, the Companies Act 1989.back
[21] Parts I and II of Schedule 9 to the Companies Act 1985 were formed into a new Schedule 9A by regulation 5(1) of S.I. 1991/2705. A new Schedule 9A was substituted by regulation 4 of, and Schedule 1 to, S.I. 1993/3246.back
[22] Section 221 was substituted by section 2 of the Companies Act 1989.back
[23] Section 222 was substituted by section 2 of the Companies Act 1989.back
[24] Section 228 was substituted by section 5(3) of the Companies Act 1989, and amended by regulation 4 of S.I. 1992/3178, by regulation 5(1) of, and paragraph 1 of Schedule 2 to, S.I. 1993/3246, by regulation 4 of S.I. 1996/189 and by section 30 of the Welsh Language Act 1993 (c. 38).back
[25] Section 230 was substituted by section 5(4) of the Companies Act 1989.back
[26] Section 233 was substituted by section 7 of the Companies Act 1989.back
[27] Sections 245 to 245C were inserted by section 12 of the Companies Act 1989. Section 245 was amended by regulation 4 of, and paragraph 2 in Part I of Schedule 1 to, S.I. 1994/1935, and by regulation 10 of S.I. 2002/1986. Section 245B was also amended by regulation 10 of S.I. 2002/1986.back
[28] Section 246 was substituted by section 13 of the Companies Act 1989, and amended by regulation 2(1) of S.I. 1997/220, by regulation 6(1) of S.I. 1997/570 and by regulation 8(1) of S.I. 2000/1430.back
[29] Section 246A was inserted by regulation 3 of S.I. 1997/220.back
[30] Section 247 was substituted by section 13(1) of the Companies Act 1989, and amended by regulation 5 of S.I. 1992/2452, by regulation 8 of S.I. 1996/189 and by regulation 7 of S.I. 1997/220.back
[31] Section 248A was inserted by regulation 6 of S.I. 1997/220.back
[32] Section 249C was inserted by regulation 2 of S.I. 1994/1935, and amended by regulation 7(3) of S.I. 1997/220 and by regulation 8(3) of S.I. 2000/1430.back
[33] Section 255 (as substituted by section 18 of the Companies Act 1989) was substituted by regulation 3 of S.I. 1991/2705, and amended by regulation 2 of S.I. 1993/3246.back
[34] Section 255A (as inserted by section 18 of the Companies Act 1989) was substituted by regulation 3 of S.I. 1991/2705, and amended by regulation 3 of S.I. 1993/3246 and by regulation 15 of S.I. 1996/189.back
[35] Section 261 was substituted by section 22 of the Companies Act 1989.back
[36] Section 262 was substituted by section 22 of the Companies Act 1989, and amended by regulation 7 of S.I. 1992/3178, by regulation 12(1) of S.I. 1996/189, by regulation 4 of S.I. 1997/2306, by regulation 2 of S.I. 2000/2952, by article 16(1) of S.I. 2000/3373, by regulation 2 of S.I. 2002/765 and by regulation 10 of S.I. 2002/1986.back
[37] Official Journal of 11th September 2002 (O.J.L243).back
[38] Section 262A was inserted by section 22 of the Companies Act 1989, and amended by regulation 6 of, and paragraph 3 of Schedule 2 to, S.I. 1991/2705, by regulation 5 of, and paragraph 5 of Schedule 2 to, S.I. 1993/3246, by regulation 4(2) of S.I. 1994/233, by regulation 4 of, and paragraph 3 of Schedule 1 to, S.I. 1994/1935, by regulation 12(2) of S.I. 1996/189, by regulation 7 of S.I. 1997/220, by regulation 4(4) of S.I. 1997/2306, by article 16(2) of S.I. 2000/3373 and by regulation 10 of S.I. 2002/1986.back
[39] Section 265 was amended by section 212 of, and paragraph 19 of Schedule 16 to, the Financial Services Act 1986, by regulation 2 of S.I. 1999/2770 and by article 17 of S.I. 2001/3649.back
[40] Section 268 was amended by regulation 13 of S.I. 1996/189 and by article 18 of S.I. 2001/3649.back
[41] Section 269 was amended by regulation 7 of S.I. 1997/220.back
[42] Section 272 was amended by section 23 of, and paragraphs 5 and 6 of Schedule 10 to, the Companies Act 1989, and by section 30 of the Welsh Language Act 1993 (c. 38).back
[43] Section 742 was substituted by section 23 of, and paragraph 15 of Schedule 10 to, the Companies Act 1989 and amended by article 28 of S.I. 2000/3373.back
[44] Section 744A was inserted by section 145 of, and paragraph 20 of Schedule 19 to, the Companies Act 1989 and amended by section 79 of, and paragraph 4 of Schedule 5 to, the Criminal Justice Act 1993, regulation 4 of S.I. 1997/2306, article 30 of S.I. 2000/3373, article 31 of S.I. 2001/3649 and by regulation 4 of, and paragraph 29 of the Schedule to, S.I. 2003/1116.back
[45] Schedule 4 was amended by section 4(2) of, and Schedule 1 to, the Companies Act 1989.back
[46] Paragraph 25 and its internal cross-references were renumbered by section 6 of, and paragraph 4 of Schedule 4 to, the Companies Act 1989.back
[47] Paragraph 12 was inserted by regulation 14 of S.I. 1996/189 and substituted by regulation 2 of S.I. 1997/571.back
[48] Parts I to III of Schedule 9 were inserted before a re-numbered Schedule 9A by regulation 5 of, and Schedule 1 to, S.I. 1991/2705. Part IV of Schedule 9 was substituted by section 18(3) and (4) of and Part IV of Schedule 7 to, the Companies Act 1989.back
[49] Parts I and II of Schedule 9 to the Companies Act 1985 were formed into a new Schedule 9A by regulation 5(1) of S.I. 1991/2705. A new Schedule 9A was substituted by regulation 4 of, and Schedule 1 to, S.I. 1993/3246.back
[50] Schedule 11 was amended by section 23 of, and paragraph 21 of Schedule 10 to, the Companies Act 1989, by regulation 7 of, and Schedule 3 to, S.I. 1991/2705, and by regulation 5 of, and paragraph 8 of Schedule 2 to, S.I. 1993/3246 and by regulation 14 of, and Schedule 6 to, S.I. 1996/189.back
[51] Paragraph 3(7) was amended by regulation 14(1) of, and paragraphs 1 and 2 of Schedule 1 to, S.I. 1996/189.back
[52] Paragraph 45 was amended by regulation 14(1) of, and paragraphs 1 and 7 of Schedule 1 to, S.I. 1996/189.back
[53] O.J. L222 of 14.8.1978, page 11, as amended in particular by Directive 2001/65/EEC (O.J. L238 of 27.12.2001, page 28).back
[54] Schedule 8 was substituted by regulation 2(2) of, and Schedule 1 to, S.I. 1997/220.back
[55] O.J. L222 of 14.8.1978, page 11, as amended in particular by Directive 2001/65/EEC (O.J. L238 of 27.12.2001, page 28).back
[56] Schedule 8A was inserted by regulation 2(3) of, and Schedule 2 to, S.I. 1997/220.back
[57] Paragraph 8 was amended by regulation 14(6) of, and paragraphs 1 and 2 of Schedule 4 to, S.I. 1996/189.back
[58] O.J. L222 of 14.8.1978, page 11, and O.J. L372 of 31.12.1986, page 1, as amended in particular by Directive 2001/65/EEC (O.J. L238 of 27.12.2001, page 28).back
[59] Paragraph 5 was amended by regulation 14(7) of, and paragraphs 1 and 2 of Schedule 5 to, S.I. 1996/189.back
[60] Paragraph 65 was amended by regulation 14(7) of, and paragraphs 1 and 9 of Schedule 5 to, S.I. 1996/189.back
[61] Paragraph 66 was amended by regulation 14 of, and paragraphs 1 and 10 of Schedule 5 to, S.I. 1996/189.back
[62] Paragraph 81 was amended by article 36 of S.I. 2001/3649.back
[63] O.J. L222 of 14.8.1978, page 11, and O.J. L374 of 31.12.1991, page 7, as amended in particular by article 4 of Directive 2003/51/EEC of the European Parliament and of the Council (O.J. L178 of 17.7.2003, page 16).back
[64] Paragraph 84(c) was amended by regulation 14(7) of, and paragraphs 1 and 18 of Schedule 5 to, S.I. 1996/189.back
[65] Section 231 was substituted by section 6(1) of the Companies Act 1989, and subsection (5) was amended by regulation 15 of S.I. 1996/189.back
[66] Section 243 was substituted by section 11 of the Companies Act 1989, and amended by regulation 2 of S.I. 1992/1083, and sections 30 and 35 of, and Schedule 2 to, the Welsh Language Act 1993.back
[67] Section 260 was substituted by section 22 of the Companies Act 1989, and amended by regulation 5(1) of, and paragraph 4 of Schedule 2 to, S.I. 1993/3246, and by regulation 7(5) of S.I. 1997/220.back
[68] Schedule 4A was inserted by section 5(2) of, and Schedule 2 to, the Companies Act 1989.back
[69] 1998 c. 38. Section 101A was inserted by paragraph 24 of Schedule 1 to the Government Resources and Accounts Act 2000.back