Audit and auditors—glossary
Audit and auditors—glossary

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

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Audit and auditors—glossary


Accounting reference period (ARP)Usually the period of 12 months over which a company draws up its accounts. If the company's accounting period does not coincide with its period of account or if the accounting period spans more than one financial year, the profits must be apportioned (see accounting reference date (ARD) and Practice Note: Basic principles of corporation tax—overview).
Accounting reference date (ARD)A company’s accounting reference period (ARP) is determined by reference to its accounting reference date: it ends on that date. The ARD is normally the last day of the month in which the anniversary of the company’s incorporation falls (CA 2006, s 391). For further information see Practice Note: A company's financial year.
Accounts meetingThe particular general meeting of the company at which its annual accounts and reports are (or are to be) laid in accordance with CA 2006, s 437, most typically its annual general meeting (AGM).
Annual accountsCA 2006, s 471 defines ‘annual accounts’ as any individual accounts prepared by the company for that year, and any group accounts prepared by the company for that year.
Annual accounts and reportsFor the purposes of CA 2006, Pt 15 a company's annual accounts and reports include:
—the annual accounts
—the directors' report
—the strategic report (unless the company is not required to prepare one)
—the directors' remuneration report, which may include a

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