Consultation outcome

Accounting standards regulations: US and Japan parent companies - review of costs and benefits

• From: Department for Business, Innovation & Skills
• Published: 4 December 2014
• Last updated: 20 July 2015 — See all updates

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Read the full outcome

The Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2012: post implementation review

Ref: BIS/15/443

PDF, 276 KB, 32 pages

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Detail of outcome

You can view the final legislation The Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2015. The regulations allow parent companies listed on stock exchanges in USA or Japan, wishing to move to the UK, a longer period to comply with UK reporting requirements for their group accounts. The enhanced regulations will give eligible companies a permanent rolling transition period of up to 4 years to adopt UK accounting standards.

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Original consultation

Summary

Considers the costs of financial reporting for parent companies listed on the securities and stock exchanges in the US and Japan under the UK system.

This consultation was held on another website.

This consultation ran from
4 December 2014 to 11:45pm on 16 January 2015

Consultation description

We’re reviewing the Accounting Standards (Prescribed Bodies) (United States of America and Japan) Regulations 2012. The regulations allow companies listed on the stock and securities exchanges in US or Japan, but not in the EU, to continue to use their GAAP (Generally Accepted Accounting Principles) for group accounts until December 2014. Our aim for this temporary provision was to give these companies a reasonable period to make the transition in their accounting practices.

We’re asking for your views so we can understand how the changes have affected companies and the UK’s wider accountancy system. The review will inform our policy in this area and, in particular, whether the regulations should be remade in some form.

Published 4 December 2014
Last updated 20 July 2015 + show all updates

1. 20 July 2015

   Completed post implementation review of the regulations and outcome published.

2. 4 December 2014

   First published.