Financial Reporting

An overview of the accounting for joint arrangements and associates.

A note outlining the changes to the law on accounting reference periods under the Companies Act 2006 (CA 2006). For more detailed information and analysis, see Practice note, Company accounts and reports: overview. Part 15 (accounts and reports), other than sections 417 and 463, came into force on 6 April 2008.

This note covers the accounting treatment of share buybacks under the Companies Act 1985, the legal requirements governing how they are to be funded and the rules for capital maintenance.

A note outlining the law on liability limitation agreements for auditors under the Companies Act 2006 (CA 2006). For a link to the CA 2006, see Companies Act 2006: publication of final text. For general background to the CA 2006, see Practice note, Companies Act 2006: materials. Chapter 6 of Part 16 (auditors' liability) came into force on 6 April 2008.

This practice note details the requirements relating to the appointment, retirement and removal of auditors under the Companies Act 2006.

This note outlines the narrative reporting requirements of the business review element of the directors' report under section 417 of the Companies Act 2006. It includes details of the proposals to replace the business review with a strategic report in accordance with the draft Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, which are scheduled to have effect in relation to financial years ending on or after 1 October 2013.

This note sets out the requirements for the directors' statement of responsibilities in relation to company accounts.

A note on the requirements for quoted companies to produce a director's remuneration report, including details of proposed reforms in this area under the Enterprise and Regulatory Reform Act 2013 and the draft Large and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2012.

A note outlining the changes to the law on directors' reports under the Companies Act 2006 (CA 2006 ). For more detailed information and analysis, see Practice note, Directors' report:  and Practice note, Business review. Part 15 (accounts and reports) other than section 417 (Contents of directors' report: business review) and section 463 (Liability for false or misleading statements in reports) came into force on 6 April 2008. Generally, the requirements on the form and content of accounts and reports in Part 15 are effective for accounting periods beginning on or after 6 April 2008. Section 417 came into force on 1 October 2007 for reports for financial years beginning on or after 1 October 2007 and section 463 applies to reports sent on or after 20 January 2007.

A practice note setting out what companies must do to comply with mandatory environmental reporting requirements.

The Listing Rules require a going concern statement to be included in the annual financial report of certain listed companies.

A note outlining the changes to the law on group accounts under the Companies Act 2006 (CA 2006). For more detailed information and analysis, see Practice note, Group accounts. Chapter 4 of Part 15 (annual accounts) came into force on 6 April 2008. Generally, the requirements on the form and content of accounts and reports in Part 15 came into effect for accounts and reports for periods beginning on or after 6 April 2008.

Good internal controls should ensure that the company's management systems, accounting records, asset maintenance and compliance issues are operating correctly. This note details the board's responsibilities for internal control, the recommendations of the Turnbull guidance and practical steps for their implementation, the risks to be covered, establishing an effective internal control system and reviewing it, and reporting to shareholders.

A practice note charting developments relating to the Transparency Directive in chronological order.

A note outlining the changes to the law on the publication and filing of company accounts under the Companies Act 2006 (CA 2006 Act). For more detailed information and analysis, see Practice note, Company accounts and reports: overview. Part 15 (accounts and reports), other than sections 417 and 463, came into force on 6 April 2008.

A note outlining the changes to the law in relation to quoted companies made by the Companies Act 2006 (2006 Act). For general background to the 2006 Act, see Practice note, Companies Act 2006: materials. The various provisions in the 2006 Act which impose specific requirements on quoted companies came into force on different dates; the first of the commencement dates was 1 October 2007 in relation to the contents of the enhanced business review (section 417) and the requirements where a poll is taken at a meeting (Chapter 5 of Part 13). For more detailed information and analysis, see Practice note, Quoted companies: accounts and reports: 6 April 2008 and Practice note, Business review: 1 October 2007.

A note outlining the law in relation to statutory auditors made by the Companies Act 2006 (2006 Act). Part 42 (statutory auditors) and Part 16 (audit) (other than sections 485-488) came into force on 6 April 2008.

An outline of the option for companies to prepare a summary financial statement in addition to their full accounts and reports in accordance with the Companies Act 2006. This note covers the law applicable to financial periods beginning on or after 6 April 2008. 

A note outlining the changes to the law on the true and fair view in relation to accounts to be made by the Companies Act 2006 (CA 2006). The relevant provisions in Part 15 (accounts and reports) and Part 16 (audit) came into force on 6 April 2008. For more detailed information and analysis, see Practice note, True and fair view.