Legislation – The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
PART 2Adoption of international accounting standards
CHAPTER 3The functions of the Secretary of State
Consideration of standards: publication requirements9.
(1)
The Secretary of State must publish the final decision in relation to any standard which the Secretary of State has considered for adoption under regulation 6, giving reasons for any decision to—
(a)
adopt the standard in whole;
(b)
adopt the standard in part;
(c)
extend the scope of undertakings eligible to use an option in the standard; or
(d)
not adopt the standard.
(2)
Where the Secretary of State adopts a standard under regulation 6, the Secretary of State must publish within 3 working days, beginning with the day after the day that the standard is adopted—
(a)
a statement that the standard has been adopted;
(b)
the wording of the adopted standard;
(c)
where the scope of undertakings eligible to use an option in the standard has been extended, a statement that that this has been done, setting out the full details; and
(d)
a description of the financial years in respect of which that standard must be used.
(3)
The Secretary of State must maintain and publish a consolidated text of UK-adopted international accounting standards, which must be kept up to date.
(4)
Information required to be published under paragraphs (1), (2) and (3) must be published on the same website.
(5)
In this regulation, “working day” means any day other than—
(a)
Saturday or Sunday;
(b)
Christmas Day or Good Friday; or