Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p62
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 152077–154764

as the case may be, or in relation to any subsequent financial year of the company.
"(5) Where a copy of a notice stating that the revocation of an approved accounting standard has been disallowed is published under paragraph 266b (5) (b), the approved accounting standard applies in relation to the financial years of companies in relation to which it would have applied if it had not been revoked, but nothing in this sub-section alters the effect of the revocation of the approved accounting standard during the period before the revocation was disallowed.

Board to have regard to possibility of disallowance
"266d. (1) The Board shall, in considering whether to approve an accounting standard that is expressed to apply in relation to financial years of companies as mentioned in paragraph 266c (1) (b), have regard to—
     (a) the provisions of sub-section 266b (3); and
     (b) if the accounting standard is expressed to replace another accounting standard—the provisions of sub-section 266c (3).
"(2) The Board shall, in considering whether the revocation of an approved accounting standard should be expressed to have effect in relation to financial years of companies as mentioned in paragraph 266c (4) (b), have regard to the provisions of sub-sections 266b (5) and 266c (5).

Interpretation, &c., of accounting standards
"266e. (1) Unless the contrary intention appears in the accounting standard, an expression used in an approved accounting standard has the same meaning as the expression has in this Part.
"(2) A document that purports to be issued or published by or on behalf of the Board and to set out an accounting standard that has been approved by the Board under sub-section 266b (1), or a copy of such a document, is, in proceedings under this Act, prima facie evidence that the accounting standard has been approved by the Board.

Power of Board to require copy of accounts or group accounts
"266f. (1) Where an auditor of a company or holding company has, pursuant to sub-section 285 (11), sent to the Board a copy of a report on the

accounts or group accounts of the company or holding company, the Board may, by notice in writing served on the company or holding company, require the company or holding company to furnish to the Board within 7 days after service of the notice a copy of those accounts or group accounts.
"(2) If default is made in complying with a notice under sub-section (1), the company or holding company and any officer of the company or holding company who is in default are each guilty of an offence.".

Profit and loss account, balance-sheet and group accounts
80. Section 269 of the Principal Act is amended—
     (a) by inserting