Smaller Entities) (Amendment) Regulations, 2010

L.N. 58 of 2010

ACCOUNTANT PROFESSION ACT

(CAP. 281)

Accountancy Profession (General Accounting Principles for

Smaller Entities) (Amendment) Regulations, 2010

IN exercise of the powers conferred by paragraph (a) of sub-

article (1) of article 8 of the Accountancy Profession Act, the Minister

of Finance, the Economy and Investment, on the recommendation of

the Accountancy Board, has made the following regulations:-

(1) The title of these regulations is the Accountancy Title and

Profession (General Accounting Principles for Smaller Entities) commencement.

(Amendment) Regulations, 2010, and they shall be read and

construed as one with the Accountancy Profession (General S.L. 281.03

Accounting Principles for Smaller Entities) Regulations, hereinafter

referred to as "the principal regulations".

(2) These regulations shall be deemed to have come into force

on the 1st January, 2010.

Subregulation (3) of regulation 5 of the principal Amends

regulation 5 of

regulations shall be amended as follows

the principal

regulations.

(a)

in paragraph (a) thereof -

(i) for the words "for financial reporting periods

ending in" there shall be substituted the words "for any

financial reporting period ending in", and for the words

"the 31st December 2009," there shall be substituted the

words "the 31st December 2010 (hereinafter in this

paragraph referred to as "the relevant financial reporting

period"),";

(ii) in sub-paragraph (i) thereof, for the words

"immediately preceding the financial reporting period"

there shall be substituted the words "immediately

preceding the relevant financial reporting period";

(iii) in sub-paragraph (ii) thereof -

(1) in sub-sub-paragraph (1) thereof, for

the words "the end of the financial reporting

period" there shall be substituted the words "the

end of the relevant financial reporting period";

(2) in sub-sub-paragraph (2) thereof, for

the words "the end of the financial reporting

period" there shall be substituted the words "the

end of the relevant financial reporting period"; and

(b) in paragraph (b) thereof, for the words "ending on or

after 1st January 2010," there shall be substituted the words

"ending on or after 1st January 2011,".