The following Corporate guidance note provides comprehensive and up to date legal information covering:
Produced in partnership with Tessa Park of Kingston Smith. This Practice Note outlines the provisions of the Companies Act 2006 (CA 2006) relating to the annual accounts of a company.
The CA 2006 sets out detailed provisions relating to the preparation of annual accounts and reports by a company. The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (2015 Regulations) implemented the requirements of the EU Accounting Directive (Directive 2013/34/EU) into UK law. The 2015 Regulations made a wide range of amendments to the CA 2006, particularly in relation to the small companies regime. The 2015 Regulations apply in relation to financial periods beginning on or after 1 January 2016, although early adoption was permitted for most aspects in relation to financial periods beginning on or after 1 January 2015. The most significant exception to early adoption was that the increased small company size thresholds were not permitted to be applied early for the purposes of claiming exemption from audit, although they were for the purpose of preparing small company financial statements.
This Practice Note, along with Practice Note: Accounts and reports—individual and group accounts, outlines the requirements set out in those statutory provisions.
There are also additional rules relating to accounts and reports that apply to a listed company, an AIM company or a company with securities traded on
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