Made | 3rd August 2005 | ||
Laid before Parliament | 15th August 2005 | ||
Coming into force | 1st October 2005 |
(3) In the definition of "date of revision"—
(4) In the definition of "original"—
(5) In the definition of "revised report", after "directors' report" in both places where it occurs insert "or directors' remuneration report".
(6) In the definitions of "revision by replacement" and "revision by supplementary note", for "or directors' report" in each place where it occurs substitute ", directors' report, directors' remuneration report or operating and financial review".
Content of revised accounts, revised report or revised review
4.
—(1) Regulation 3 of the 1990 Regulations (content of revised accounts or a revised report) is amended as follows.
(2) For the heading before regulation 3 substitute "Content of revised accounts, revised report or revised review".
(3) In paragraph (1), after "provisions of the Act" insert "(and, where applicable, Article 4 of the IAS Regulation)".
(4) For paragraph (2) substitute—
shall apply so as to require a true and fair view to be shown in the revised accounts of the matters therein referred to viewed as at the date of the original annual accounts."
(5) At the beginning of paragraph (3) insert "In the case of Companies Act accounts,".
(6) In paragraph (4)—
Approval and signature of revised accounts or revised directors' report
5.
—(1) Regulations 4 and 5 of the 1990 Regulations (approval and signature of revised accounts or a revised report) are amended as follows.
(2) For the heading before regulation 4 substitute "Approval and signature of revised accounts or a revised directors' report".
(3) In regulation 5(1), for "revised report" substitute "revised directors' report".
Approval and signature of revised directors' remuneration report or revised review
6.
After regulation 5 of the 1990 Regulations (approval and signature of revised directors' report) insert—
(b) in the case of revision by a supplementary note—
(b) in the case of revision by a supplementary note—
(4) In paragraph (4)—
Auditors' report on revised report or review alone
8.
—(1) Regulation 7 of the 1990 Regulations (auditors' report on revised report)[12] is amended as follows.
(2) In the heading, after "report" insert "or review".
(3) In paragraphs (1) and (2), after "revised report" insert "or review".
(4) For paragraph (3) substitute—
(3B) Where a revised directors' remuneration report is prepared under section 245, the auditors' report shall state whether in their opinion any auditable part of that revised report has been properly prepared ("auditable part" being a part containing information required by Part 3 of Schedule 7A to the Act [13])."
Effect of revision
9.
—(1) Regulation 9 of the 1990 Regulations (effect of revision)[14] is amended as follows.
(2) In paragraph (1)—
(3) In paragraph (2) —
Publication of revised accounts and reports
10.
—(1) Regulation 10 of the 1990 Regulations (publication of revised accounts and reports)[15] is amended as follows.
(2) In the heading, for "and reports", substitute ", reports and reviews".
(3) In paragraph (1)—
(4) In paragraphs (2) and (3)—
(5) In paragraph (4)—
Laying of revised accounts or a revised report
11.
—(1) Regulation 11 of the 1990 Regulations (laying of revised accounts or a revised report) is amended as follows.
(2) In the heading after "report" insert "or review".
(3) In paragraph (1)—
(4) In paragraph (2)—
(5) In paragraph (3)(a) after "revised report" insert "or review".
Delivery of revised accounts or a revised report
12.
—(1) Regulation 12 of the 1990 Regulations (delivery of revised accounts or a revised report) is amended as follows.
(2) In the heading after "report" insert "or review".
(3) In paragraph (1)—
(4) In paragraph (2)—
Small and medium-sized company abbreviated accounts where main accounts revised
13.
—(1) Regulation 13 of the 1990 Regulations (effect on small and medium-sized company abbreviated accounts of revision of main accounts ) is amended as follows.
(2) In paragraph (1), for "section 246" substitute "sections 246 [16] and 246A [17]".
(3) In paragraph (2)(b), for the words from "in accordance with" to "to the Act" substitute " or 246A (as the case may be) in accordance with the provisions of those sections and (in the case of small companies) of Schedule 8A to the Act".
Small and medium-sized company abbreviated accounts where main accounts not revised
14.
—(1) Regulation 13A of the 1990 Regulations (revision of small and medium-sized company abbreviated accounts where main accounts not revised)[18] is amended as follows.
(2) In paragraph (2)(a), for the words from "in accordance with" to "to the Act" substitute " or 246A (as the case may be) in accordance with the provisions of those sections and (in the case of small companies) of Schedule 8A to the Act [19]".
Summary financial statements
15.
—(1) Regulation 14 of the 1990 Regulations (summary financial statements)[20] is amended as follows.
(2) For paragraph (1) substitute—
(3) In paragraph (2) for "Where the summary financial statement" to "directors of the company shall" substitute "Where the summary financial statement does not comply with section 251 or the Companies (Summary Financial Statement) Regulations 1995, or if it had been prepared by reference to revised accounts or a revised report or review would not have complied with those requirements, the directors of the company shall, subject to paragraphs (3A) and (3B) below,".
(4) After paragraph (3) insert—
(5) In paragraph (4)—
(6) In paragraph (5), after "revised report" insert "or review".
(7) In paragraph (6), for "or the revised report" substitute ", the revised directors' report under Regulation 5 above, the revised directors' remuneration report under Regulation 5A above or the revised operating and financial review under Regulation 5B above".
Dormant companies
16.
In Regulation 15 of the 1990 Regulations (dormant companies), for "has passed a resolution under section 250 of the Act [22] exempting itself" substitute "is exempt under section 249AA of the Act [23]".
Modifications of the Act
17.
—(1) Regulation 16 of the 1990 Regulations (modifications of the Act)[24] is amended as follows.
(2) In paragraph (1), after "directors' report" in each place where it occurs, insert ", directors' remuneration report or operating and financial review".
(3) In paragraph (2)—
(4) In paragraph (3)—
Gerry Sutcliffe
Parliamentary Under Secretary of State Department of Trade and Industry
3rd August 2005
[2] S.I. 1990/2570, as amended by regulation 10 of S.I. 1992/3075, by regulation 5 of, and Schedule 2 to, S.I. 1994/1935, by regulation 12 of S.I. 1995/2092 and by S.I. 1996/315.back
[3] Section 234C was inserted by regulation 3 of S.I. 2002/1986.back
[4] Section 234AB was inserted by regulation 8 of S.I. 2005/1011.back
[5] Sections 226A and 227A were inserted by regulation 2 of S.I. 2004/2947.back
[6] Section 238 was substituted by section 10 of the Companies Act 1989, and amended by article 12 of S.I. 2000/3373, by regulation 10(4) of S.I. 2002/1986 and by regulation 19 of, and paragraph 2 of the Schedule to, S.I. 2005/1011.back
[7] Section 241 was substituted by section 11 of the Companies Act 1989, and amended by regulation 10(7) of S.I. 2002/1986 and by regulation 19 of, and paragraph 4 of the Schedule to, S.I. 2005/1011..back
[8] Section 242 was substituted by section 11 of the Companies Act 1989, and amended by sections 30(1) and (4) and 35(1) of, and Schedule 2 to, the Welsh Language Act 1993 (c.38), by regulation 10(8) of S.I. 2002/1986 and by regulation 19 of, and paragraph 5 of the Schedule to, S.I. 2005/1011.back
[9] Section 234B was inserted by regulation 3 of S.I. 2002/1986.back
[10] Section 234AA was inserted by regulation 8 of S.I. 2005/1011.back
[11] Regulation 6 was amended by regulation 3 of S.I. 1996/315.back
[12] Regulation 7 was amended by regulation 3 of S.I. 1996/315.back
[13] Schedule 7A was inserted by regulation 9 of, and the Schedule to, S.I. 2002/1986.back
[14] Regulation 9 was amended by regulation 4 of S.I. 1996/315.back
[15] Regulation 10 was amended by regulation 10 of S.I. 1992/3075, and by regulation 5 of S.I. 1996/315.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, by regulation 8(1) of S.I. 2000/1430, by regulations 3 and 13(2) of, and paragraph 12 of Schedule 1 to, S.I. 2004/2947 and by regulation 4 of S.I. 2005/1011.back
[17] Section 246A was inserted by regulation 3 of S.I. 1997/220, and amended by regulation 3 of, and paragraph 13 of Schedule 1 to, S.I. 2004/2947 and by regulation 5 of S.I. 2005/1011.back
[18] Regulation 13A was inserted by regulation 6 of S.I.1996/315.back
[19] Schedule 8A was inserted by regulation 2(3) of, and Schedule 2 to, S.I. 1997/220, and amended by regulation 14(3) of, and Schedule 4 to, S.I. 2004/2947.back
[20] Regulation 14 was amended by regulation 10 of S.I. 1992/3075, and by regulation 12 of S.I. 1995/2092.back
[21] Section 251 was substituted by section 15 of the Companies Act 1989 (c.40), 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, by regulation 8 of S.I. 2002/1986, by regulation 11 of S.I. 2004/2947, and by regulation 12 of S.I. 2005/1011.back
[22] Section 250 was repealed by regulation 8(6) of S.I. 2000/1430.back
[23] Section 249AA was inserted by regulation 3 of S.I. 2000/1430, and amended by article 13 of S.I. 2001/3649.back
[24] Regulation 16 was amended by regulation 12 of S.I. 1995/2092, and by regulation 7 of S.I. 1996/315.back
[25] Schedule 8 was substituted by regulation 2(2) of, and Schedule 1 to, S.I. 1997/220.back