Accounts and reports—an outline of the statutory framework
Produced in partnership with Tessa Park of Moore Kingston Smith
Accounts and reports—an outline of the statutory framework

The following Corporate practice note produced in partnership with Tessa Park of Moore Kingston Smith provides comprehensive and up to date legal information covering:

  • Accounts and reports—an outline of the statutory framework
  • Coronavirus (COVID-19) and audit
  • Application of the statutory provisions
  • Annual accounts and reports
  • Annual accounts
  • Individual accounts
  • Group accounts
  • Annual accounts and reports
  • The true and fair view concept
  • True and fair view
  • More...

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 to financial periods beginning on or after 1 January 2016.

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 the AQSE Main Market, AQSE Growth Market or AQSE Trading (formerly NEX Exchange Main Board, NEX Exchange Growth Market and NEX Exchange Secondary Market), which are outside the scope of this Practice Note.

The degree to which financial reporting will be impacted by Brexit is yet to be fully seen (see Brexit—accounts and reports). A UK body for endorsement of UK adopted IFRS has now been set up and going forward, IFRS accounts will be prepared in accordance

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