With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts. Let’s look at the main changes for medium companies and group accounts:
The new size limits for medium companies are as follows:
Changes for medium sized companies:
The new size limits for groups requirement consolidation are as follows:
Order of the notes
The 2015 Regulations bring in requirements about the order notes must be presented in the accounts. Notes must now be presented in the corresponding order of presentation in the profit and loss accounts and balance sheet.
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Section 288 of the Companies Act 2014 requires that the financial statements attached to a company’s first full annual return must cover the period from incorporation and must not be for a period longer than 18 months.
Each subsequent financial year must begin on the date immediately after the last financial year end date and must be for a period of no more than 7 days shorter or longer than 12 months.
If the company requires to change its accounting date, it can do so by filing a form B83 with the Companies Registration Office. This can only be done once every 5 years (unless exempted by the Companies Act 2014 section 288 (10)). Any change in accounting period cannot result in the accounting period exceeding 18 months.
We are happy to help. Please post your comment below or contact Michael O’Halloran on 01 677 9000 or firstname.lastname@example.org.
With effect on financial statements commencing the 1st January 2016 onwards, statutory instrument 2015/980 is changing the format of UK accounts.
Let’s look at the main changes for small companies:
The new size limits for small companies are as follows:
Details of some of the disclosure requirements removed Read more