Companies Act 2014 section 993

Modification of definition of "IAS Regulation" in the case of DACs

Section 993 extends the modified definition of "IAS Regulation" (as set out for public limited companies) so that it applies equally to designated activity companies.

• The IAS Regulation governs the use of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) when preparing financial statements.
• Section 1116 modifies the standard definition of "IAS Regulation" for public limited companies (PLCs).
• Section 993 applies that same modified definition to designated activity companies (DACs), ensuring consistent treatment across both company types.
• In practice, a DAC preparing its financial statements under international standards must follow the same modified interpretation of the IAS Regulation as a PLC.