1.

Regulation 2

(a) In paragraph (1), insert the following after the definition of "individual accounts":

" ‘investment property' means land or buildings (or both) held to earn rentals or for capital appreciation (or both);".

(b) Insert the following after paragraph (1):

"(1A) References in these Regulations to annual accounts giving a ‘true and fair view' are references -

(a) in the case of Companies Act individual accounts, to the requirement under Regulation 5 that those accounts give a true and fair view,

(b) in the case of Companies Act group accounts, to the requirement under Regulation 10 that those accounts give a true and fair view, and

(c) in the case of IFRS accounts, to the equivalent requirement under international financial reporting standards.".

(c) In paragraph (2), substitute "these Regulations or international financial reporting standards" for "or these Regulations".

2.

Regulation 5

Substitute the following for paragraphs (1) and (2):

"(1) Subject to paragraph (2), every balance sheet and profit and loss account of an undertaking laid before the annual general meeting of the undertaking, 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