(1) A company's individual accounts may be prepared—
(a) in accordance with section 396 (“Companies Act individual accounts”), or
(b) in accordance with [UK-adopted international accounting standards] (“IAS individual accounts”).
This is subject to the following provisions of this section and to section 407 (consistency of financial reporting within group).
(2) The individual accounts of a company that is a charity must be Companies Act individual accounts.
(3) After the first financial year in which the directors of a company prepare IAS individual accounts (“the first IAS year”), all subsequent individual accounts of the company must be prepared in accordance with [UK-adopted
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