Chapter

Accounts

Derek French, Stephen W. Mayson and Christopher L. Ryan

in Mayson, French & Ryan on Company Law

Edition 31

Published on behalf of © Derek French, Stephen Mayson & Christopher Ryan 2014

Published in print August 2014 | ISBN: 9780198716532
Published online October 2014 | e-ISBN: 9780191785719 | DOI: http://dx.doi.org/10.1093/he/9780198716532.003.0009
Accounts

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This chapter discusses the requirements calling for directors of a company to prepare accounts once a year, to be presented to the company's members and filed at Companies House (unless the company is unlimited). The technical rules on the preparation of financial statements are explained. The role of the Financial Reporting Council as the regulator for accountancy, auditing, and financial reporting is also considered. The chapter outlines the accounting requirements, in which every company must keep reasonably accurate accounting records of all financial transactions, from which the directors must prepare annual accounts for each of the company's financial years. The requirements for group accounts and the procedures for revising accounts that are found to be erroneous are examined as well. Finally, the chapter considers a particularly significant case: Caparo Industries plc v Dickman [1990] 2 AC 605.

Keywords: directors; accounts; financial statements; Financial Reporting Council; auditing; financial reporting; accounting; group accounts; Caparo Industries plc v Dickman; accounting records

Chapter.  17714 words. 

Subjects: Company Law

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