Accounts and reports—individual and group accounts
Accounts and reports—individual and group accounts

The following Corporate guidance note provides comprehensive and up to date legal information covering:

  • Accounts and reports—individual and group accounts
  • Brexit impact
  • Requirement to prepare individual accounts
  • Content of individual accounts
  • Requirement to prepare group accounts
  • Content of group accounts

Produced in partnership with Tessa Park of Kingston Smith. This Practice Note focuses on the need for a company to produce individual accounts and for a parent company to prepare group accounts.

The Companies Act 2006 (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) amended the CA 2006 in order to implement the requirements of the EU Accounting Directive (Directive 2013/34/EU) into UK law. The 2015 Regulations apply in relation to financial periods beginning on or after 1 January 2016. It was also possible for most aspects of the 2015 Regulations to be early adopted for accounting periods beginning on or after 1 January 2015 but before 1 January 2016.

This Practice Note, along with Practice Note: Accounts and reports—an outline of the statutory framework, summarises the requirements set out in these 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 the NEX Exchange Main Board, NEX Exchange Growth Market or NEX Exchange Secondary Market, which are outside the scope of this Practice Note.

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its