The purpose of this instrument is to amend the International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/685) (“IAS SI”). The IAS SI addressed failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the UK from the EU, in the field of accounts and reports of UK corporate bodies. This instrument provides a transitional arrangement for companies whose financial years ‘straddle’ the Implementation Period completion day (“IP completion day”), for the purposes of the IAS SI. The instrument also makes minor amendments to correct errors in the IAS SI and ensures that the Statutory Auditors and Third Country Auditors (Amendment) (EU Exit) Regulations 2019 (SI 2019/177) (“Audit SI”) functions as intended. The instrument will apply to companies and other undertakings, but companies are referred to throughout for ease of reference.