A court appointed officer who administers or manages funds and property under statute.

This Practice Note sets out the requirements of the SRA Accounts Rules regarding the obligation to obtain and deliver an accountant’s report. It also reflects supporting guidance issued by the SRA: • Accountant’s report and the exemption to obtain one • Planning for and completing an accountant’s report The SRA Accounts rules are concise, but are supported by extensive SRA guidance. The Rules are written in clear language that is easy to understand but contain subjective terms such as ‘promptly’, ‘fair’ and ‘appropriate’. The SRA acknowledges that this requires an exercise of judgment. Most firms are required to obtain an accountant’s report but few firms are required to deliver that report to the SRA. Responsibility for compliance Your firm’s managers are jointly and severally responsible for compliance. A manager means a sole practitioner, member of an LLP, director of a company, partner in a partnership etc. The firm’s compliance officer for finance and administration (COFA) must take all reasonable steps to ensure the firm, its managers and employees comply with any obligations imposed upon them under

The EU Accounting Directive (2013/34/EU) of 26 June 2013 (amending Directive 2006/43/EC and repealing Council Directives 78/660/EEC and 83/349/EEC) setting out a new regime for the form and content of annual financial statements. The UK implemented Chapters 1–9 of the Accounting Directive through the Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980). The Accounting Directive was amended by Directive 2014/95/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.

The leading Islamic international autonomous not-for-profit corporate body that prepares accounting, auditing, governance, ethics and Shari’ah standards for Islamic Financial Institutions (IFIs) and the global Islamic finance industry. Established in Bahrain in 1991, it is supported by a number of institutional members from over 45 countries, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms. Its standards are currently followed by the leading Islamic financial institutions across the world and have introduced a progressive degree of harmonisation of international Islamic finance practices. It also offers professional qualification programs (notably Certified Islamic Professional Accountant (CIPA), the Certified Shari’ah Adviser and Auditor (CSAA), and the corporate compliance program) in efforts to enhance the industry’s human resources base and governance structures.

This Practice Note covers how 'business combinations' are accounted for, together with some accounting issues that can arise as a result of the way M&A transactions are structured and how these can affect negotiation of the acquisition agreement. This Practice Note looks at the following accounting standards, highlighting key areas of difference: • the International Financial Reporting Standards (IFRS), developed and maintained by the International Accounting Standards Board (IASB) for global application (they are now mandated for use by over 100 countries, including the EU and all of the G20, with specific reference to IFRS 3 (Business combinations) (IFRS 3)) • FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), one of a number of Financial Reporting Standards issued by the Financial Reporting Council (FRC) (UK GAAP), which can be applied to all companies and entities in the UK and Republic of Ireland other than listed groups FRS 102 is a single

A company's tax assessments are made by reference to its accounting periods, which are usually the successive periods for which the company makes up its accounts.

A document or record may be made or required for any accounting purpose, even though this purpose is secondary or incidental.

This Practice Note summarises the provisions of the Companies Act 2006 (CA 2006) which concern keeping accounting records. There may be other rules relating to accounting records that apply to a listed company, an AIM company or a company with securities that are listed on the AQSE Main Market, AQSE Trading or AQSE Growth Market (formerly the NEX Exchange Main Board, NEX Exchange Secondary Market and NEX Exchange Growth Market), but these are outside the scope of this Practice Note. Some or all of the statutory provisions relating to accounting records may also apply to other companies and entities, but this issue is outside the scope of this Practice Note. The duty to keep accounting records All companies must keep adequate accounting records. Their purpose is to ensure that businesses record transactions to enable them to show the company's financial position and to prepare accounts which comply with CA 2006 and, where relevant, with International Accounting Standards (IAS). Accounting records is a deliberately broad term that is not specifically defined as the records of a company may differ depending

When a company is incorporated, it will usually have an accounting reference date that is the last day of the month in which the anniversary of its incorporation falls. Directors can change the accounting reference date by filing an appropriate form with the Registrar of Companies. It marks the end of the annual accounting period and is also known as the balance sheet date.

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).

Usually the period of twelve 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.

Initial points The rules relating to audit and accounting are subject to modification over time. Readers may also refer to Practice Note: Charity reporting and accounting and the resources referred to at the top of that note for further information on the relevant rules. Please note that much of the information reported in a charity’s accounts and filed with the Charity Commission is accessible on the Commission’s public register of charities though confidential information such as bank account details is not generally made available to the public. Links to example forms can be found on the Charity Commission website as well as an annual return template and guidance for its completion. See section 169 of the Charities Act 2011 (CA 2011) in relation to annual returns. Reporting A detailed note on charity reporting can be found in Practice Note: Charity reporting and accounting. In summary: • The trustees of a registered charity must prepare Annual Report and Accounts and make copies available to the public on request. The requirement to prepare accounts and an annual report