When you look at the rules for not-for-profit entities in subpart 5 of Part 2, you will see that it talks about preceding accounting periods. This means it can include accounting periods that started before a certain section of the law began. It can also include periods that started on the same day or after the law began. You can find more information about this in the subpart 5 of Part 2 section. This helps when defining what a large or specified not-for-profit entity is.
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59: External Reporting Board may exercise power before commencement, or
"The External Reporting Board can use its powers before the law officially starts."
61: Approvals for auditors continue in effect, or
"Auditor approvals from the old law still apply under the new Financial Reporting Act 2013."
In subpart 5 of Part 2, a reference to preceding accounting periods may include an accounting period regardless of whether it commenced before, on, or after the commencement of this section.
