Under section 55 of the Financial Reporting Act 2013, financial reporting obligations are continued under the Financial Reporting Act 1993 (the former Act) on a transitional basis. Financial reporting for an entity is not required under the former Act if the entity is preparing financial statements under the Financial Markets Conduct Act 2013 (the FMCA). In other cases, the transitional requirements cease to apply to accounting periods that commence on or after a date that is prescribed by, or determined in accordance with, the regulations. These regulations provide for that date and have the following effect:
if an entity is an issuer of securities that will transition to the FMCA, the transitional financial reporting requirements cease to apply to the accounting period in which the securities transition to that Act and to subsequent periods (see Part 2 of Schedule 4 of the FMCA):
in any other case, the transitional financial reporting requirements cease to apply to accounting periods that commence on or after 1 December 2016 (which is the end of the main transitional period under the FMCA).