Q&As

What is the procedure if directors wish to voluntarily alter incorrect company accounts?

read titleRead full title
Published on LexisPSL on 07/03/2016

The following Corporate Q&A provides comprehensive and up to date legal information covering:

  • What is the procedure if directors wish to voluntarily alter incorrect company accounts?
  • Power for directors to voluntarily revise accounts and reports
  • Procedure for voluntary revision
  • The role of Companies House

The statutory provisions governing the revision of defective accounts and reports are set out in:

  1. Part 15 of the Companies Act 2006 (CA 2006), and

  2. Companies (Revision of Defective Accounts and Reports) Regulations 2008, SI 2008/373 (the 2008 Regulations)

Power for directors to voluntarily revise accounts and reports

CA 2006, s 454 sets out the circumstances when defective accounts and reports may be revised voluntarily by the directors of the company as well as the nature of permitted revisions.

Directors of the company may prepare revised annual accounts, directors’ remuneration report, directors’ report or summary financial statements if it appears that the original accounts, report or financial statement did not comply with the requirements of the CA 2006.

Where copies of the previous accounts or report have been sent out to members, delivered to the registrar or (in the case of a public company) laid before the company in general meeting, the revisions must be confined to:

  1. the correction of those respects in which the previous accounts or report did not comply with the CA

Popular documents