Companies Act 2014 section 1267

Modification of definition of "IAS regulation" in the case of PUCs and PULCs

Section 1267 extends the modified definition of "IAS Regulation" that applies to Public Limited Companies (PLCs) so that it equally applies to Public Unlimited Companies (PUCs) and Public Unlimited Companies with a share capital (PULCs).

• The IAS Regulation is the EU regulation governing the use of International Accounting Standards by certain companies.
• Section 1116 sets out a modified definition of "IAS Regulation" for PLCs, and Section 1267 extends that same modified definition to PUCs and PULCs.
• This ensures that all three types of public company — PLCs, PUCs, and PULCs — operate under the same adjusted meaning of "IAS Regulation" for financial reporting purposes.
• In practice, this means that accountants preparing financial statements for a PUC or PULC should apply the same interpretation of the IAS Regulation as they would for a PLC.