(1) These Regulations may be cited as the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019.

(2) These Regulations come into force on IP completion day.

(3) Parts 1 to 3 of Schedule 1 have effect in relation to accounts for financial years beginning on or after IP completion day.

(4) In relation to accounts for financial years which begin before but end on or after IP completion day, the enactments amended by Parts 1 to 3 of Schedule 1 have effect as if the United Kingdom were a member State until the end of the financial year in question.

(5) For the purposes of Part 15 of the Companies Act 2006 [2006 c. 46.], where accounts for a financial year within paragraph (6) are permitted to be prepared in accordance with international accounting standards (as defined in section 474 of that Act [Section 474 has amendments not relevant to this regulation.]), the accounts may be prepared in accordance with international accounting standards which have been adopted for use within the United Kingdom by virtue of Chapter 3 of Part 2 of these Regulations.

(6) The financial years referred to in paragraph (5) are -