Financial Reporting

This Practice note has been superseded by the section on Accounting for leases in Practice note, Equipment leasing: tax. An update page summarising the activities and decisions of the joint IASB and FASB project on accounting for leases is available on the FASB website: IASB/FASB: Leases - Project Update.

A note outlining the changes to the law on accounting records under the Companies Act 2006 (CA 2006 Act).

An outline of UK and international accounting standards requirements under the Companies Act 2006. This note covers the law applicable to financial periods beginning on or after 6 April 2008.

A note on the terms of reference for audit committees.

An outline of the requirements for an auditor's report under the Companies Act 2006. This note covers the law applicable to financial periods beginning on or after 6 April 2008.

An outline of the requirements for a company's balance sheet, profit and loss account and notes to the accounts under the Companies Act 2006. This note covers the law applicable to financial periods beginning on or after 6 April 2008.

Executives will normally only benefit from incentive schemes if pre-set performance conditions are fulfilled. It is useful to understand the main categories of performance conditions. This understanding helps explain why particular performance conditions are chosen. Also, it is essential to be able to distinguish some categories of performance conditions to establish the correct accounting treatment of the share plan.

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.

Companies often establish an employee benefit trust (EBT)  to satisfy employee share options and awards. Funding an EBT to acquire shares can cause difficulties for public companies under the company law financial assistance rules.  This practice note sets out the issues and some possible solutions.

An outline of the requirements for the preparation and filing of group accounts under the Companies Act 2006.

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 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.

An outline of the statutory liability provisions for false or misleading statements, omissions and dishonest delay in published information relating to securities and company reports under section 463 of the Companies Act 2006 and section 90A of the Financial Services and Markets Act 2000 (as amended by the Financial Services and Markets Act 2000 (Liability of Issuers) Regulations 2010 (SI 2010/1192)).

An outline of the true and fair requirement in relation to company accounts under the Companies Act 2006. This note covers the law applicable to financial periods beginning on or after 6 April 2008.