27When standards and authoritative notices take effect

1. A standard, an authoritative notice, an amendment, or a revocation takes effect on the 28th day after the date of the publication of the standard, notice, amendment, or revocation under the Legislation Act 2019.

2. However, a standard, an authoritative notice, or an amendment must, in respect of a particular reporting entity, be treated as taking effect on the publication of the standard, notice, or amendment under the Legislation Act 2019 if—

3. the Board is satisfied that it is desirable to allow this subsection to apply, because bringing the standard, notice, or amendment into effect earlier than is provided for in subsection (1) is necessary or desirable in order for 1 or more entities, or relevant persons in respect of those entities, to comply with the financial reporting, climate-related, auditing, or assurance standards issued or adopted by an international organisation (for example, the International Accounting Standards Board); and
4. the notice under section 24 states that this subsection applies; and
5. the relevant persons elect in writing that this subsection should apply in respect of the standard, notice, or amendment.

6. In subsection (2), relevant persons means—

7. the directors of the reporting entity:
8. the Minister of Finance and the Secretary to the Treasury, in relation to financial statements for the Crown required to be prepared under the Public Finance Act 1989:
9. in the case of a department, an office of Parliament, or a local authority, the chief executive:
10. in the case of a Crown entity, the chairperson and the chief executive or, if no chairperson exists, the chief executive.