Legislation – The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
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There are currently no known outstanding effects for The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019, Section 5.
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PART 2Adoption of international accounting standards
CHAPTER 3The functions of the Secretary of State
Responsibility for adoption of international accounting standards5.
The Secretary of State is responsible for—
(a)
the adoption of international accounting standards for use within the United Kingdom, with a view to harmonising the financial information presented by the companies required by section 403(1) of the Companies Act 2006 to prepare their accounts in accordance with UK-adopted international accounting standards, in order to ensure—
(i)
a high degree of transparency and international comparability of financial statements; and
(ii)
the efficient allocation of capital, including the smooth functioning of capital markets in the United Kingdom; and
(b)
participating in and contributing to the development of a single set of international accounting standards.