Accounts and reports—individual and group accounts
Produced in partnership with Tessa Park of Moore Kingston Smith
Accounts and reports—individual and group accounts

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—individual and group accounts
  • Requirement to prepare individual accounts
  • Content of individual accounts
  • Companies Act individual accounts
  • IAS individual accounts
  • Requirement to prepare group accounts
  • Exemptions from the requirement to prepare group accounts—small companies and micro-entities
  • Exemption from the requirement to prepare group accounts—company included in the EEA group accounts of a larger group
  • Exemption from the requirement to prepare group accounts—company included in the non-EEA group accounts of a larger group
  • Exemption from the requirement to prepare group accounts—no subsidiary undertakings need to be included in the consolidation
  • More...

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 to financial periods beginning on or after 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 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. A UK body for endorsement of UK adopted IFRS has now been set up and going forward, IFRS accounts will be prepared in accordance with IFRS as adopted by the UK, rather than IFRS as adopted

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