395 Individual accounts: applicable accounting framework
Companies Act 2006 | Legislation

395  Individual accounts: applicable accounting framework

(1)     A company's individual accounts may be prepared—

(a)     in accordance with section 396 (“Companies Act individual accounts”), or

(b)     in accordance with [UK-adopted international accounting standards] (“IAS individual accounts”).

This is subject to the following provisions of this section and to section 407 (consistency of financial reporting within group).

(2)     The individual accounts of a company that is a charity must be Companies Act individual accounts.

(3)     After the first financial year in which the directors of a company prepare IAS individual accounts (“the first IAS year”), all subsequent individual accounts of the company must be

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