Revision of defective accounts and reports
Revision of defective accounts and reports

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

  • Revision of defective accounts and reports
  • Brexit impact
  • Rules and guidance
  • Revision of defective accounts and reports
  • Voluntary revision
  • Notice of the Secretary of State
  • Application to court
  • Disclosure of tax information
  • Powers of authorised persons to require documents, information and explanations
  • Disclosure of information obtained by the authorised person

Brexit impact

The UK corporate reporting framework may be affected by Brexit. For further details of its impact, see Brexit—accounts and reports.

Rules and guidance

The statutory provisions governing the revision of defective accounts and reports are set out in Part 15 of the Companies Act 2006 (CA 2006). The Companies (Revision of Defective Accounts and Reports) Regulations 2008, SI 2008/373 (as amended) (the 2008 Regulations) made under CA 2006, s 454 set out detailed provisions on how companies should revise their accounts and reports under the CA 2006. The 2008 Regulations were amended by the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (C, P and G (Accounts and Reports) Regs 2015), which implemented chapters 1–9 of the EU Accounting Directive 2013/34/EU and updated and consolidated existing legislation (including the CA 2006) on the content and presentation of company accounts. The C, P and G (Accounts and Reports) Regs 2015 came into effect on 6 April 2015 and apply to financial periods beginning on or after:

  1. 1 January 2016, and

  2. 1 January 2015 but before 1 January 2016 where the directors of the company so decide (provided that where as a result the company qualifies as a small company in relation to that year, the company is not exempt from the requirements of the