(1) Subject to paragraph (2), every balance sheet and profit and loss account of a section 2 (2) company laid before the annual general meeting of the company, pursuant to section 148 of the Principal Act shall be prepared in accordance with:
(a) section 149 of the Principal Act as modified by these Regulations, or
(b) international financial reporting standards (in these Regulations referred to as "IFRS individual accounts") and section 149A of the Principal Act as modified by these Regulations,
and in either case shall comply with section 150C of the Principal Act.
(1A) Companies Act individual accounts of a section 2(2) company prepared in accordance with section 149 of the Principal Act shall comply with the following requirements and section 149 (other than subsection (5) and, insofar as it relates to (5), subsection (7)) of that Act shall not apply to any such balance sheet or profit and loss account:
(a) every such balance sheet and profit and loss account shall comply with