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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.
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.