Section 24(2)

The historical financial information must be presented in accordance with one of the following accounting standards— UK-adopted international accounting standards; International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards, as it applies in the European Union; International Financial Reporting Standards, but only if the notes to the audited financial statements that form part of the historical financial information contain an explicit and unreserved statement that the financial statements comply with International Financial Reporting Standards in accordance with IAS 1 Presentation of Financial Statements; Generally Accepted Accounting Principles of Japan; Generally Accepted Accounting Principles of the United States of America; Generally Accepted Accounting Principles of the People’s Republic of China; Generally Accepted Accounting Principles of Canada; Generally Accepted Accounting Principles of the Republic of Korea; national accounting standards of a country that are equivalent to UK-adopted international accounting standards in accordance with a determination made by the Treasury in regulations under Commission Regulation (EC) No 1569/2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant toDirectives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council.

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Source: legislation.gov.uk · retrieved 2026-09-04