The European Communities (Accounts) Regulations 1993 are amended -

(a) by inserting the following after paragraph 7(3):

“(4) Notwithstanding paragraphs (1), (2) and (3), an undertaking to which this Part applies shall prepare its annual individual accounts in accordance with -

(a) section 149 of the Companies Act 1963 (in these Regulations referred to as ‘Companies Act individual accounts’), or

(b) international financial reporting standards (in these Regulations referred to as ‘IFRS individual accounts’) and section 149A of the Companies Act 1963,

and in either case shall comply with section 150C of the Companies Act 1963.”,.

(b) by inserting the following after paragraph 9(3):

“(4) Notwithstanding paragraphs (1), (2) and (3), an undertaking to which this Part applies shall prepare its annual group accounts in accordance with -

(a) section 150A of the Companies Act 1963 (in these Regulations referred to as ‘Companies Act group accounts’), or

(b) international financial reporting standards (in these Regulations referred to as ‘IFRS group accounts’) and section 150B of the Companies Act 1963,

and in either case shall comply with section 150C of the Companies Act 1963.”,