S.L. 281.2 Art. 2Interpretation.

In these regulations, unless the context otherwise requires:

"accounting reference period" shall have the meaning assigned to it in the Companies Act;

"Accounting Regulation" means Regulation No. 1606/2002 of the European Parliament and of the Council of the European Union of 19 July 2002 on the application of international accounting standards; "the Act" means the Accountancy Profession Act; "Board" means the Accountancy Board established by article 6 of the Act; "consolidated accounts" shall have the meaning assigned to it in the Companies Act; "individual accounts" shall have the meaning assigned to it in the Companies Act; "international accounting standards" means International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and related Interpretations (SIC-IFRIC interpretations), subsequent amendments to those standards and related interpretations, and future standards and related interpretations issued or adopted by the International Accounting Standards Board (IASB); "international accounting standards as adopted by the EU" means the international accounting standards as adopted by the European Commission in accordance with the provisions set out in Article 3 of the Accounting Regulation;

"International Accounting Standards Board (IASB)" means the board established by deed of constitution on the 28th June, 1973 which comprises the professional accountancy bodies which are members of the International Federation of Accountants, which federation was established at the International Congress of Accountants in Munich in 1977, or any body succeeding the board by whatever name it may be known; "international auditing standards" means International Standards in Auditing (ISAs), International Standards in Quality Control (ISQCI) and other related Standards, insofar as they are relevant to the statutory audit, issued from to time to time by the International Auditing and Assurance Board (IAASB), a standard-setting body designated by, and operating under the auspices of, the International Federation of Accountants (IFAC), which federation was established at the International Congress of Accountants in Munich in 1977, or any body succeeding the board by whatever name it may be known; "international auditing standards as adopted by the EU" means international auditing standards as adopted by the European Commission in accordance with the provisions set out in Article 26 of the Statutory Audit Directive; "Statutory Audit Directive" means Directive 2006/43/EC of the European Parliament and of the Council of the European Union of 17 May 2006 on statutory audits of annual accounts and consolidated accounts as amended by Directive 2014/56/EU of the European Parliament and of the Council of 16 April 2014; "statutory audit" shall have the meaning assigned to it in the Act.