Accounts and returns


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You can read comments made since the start of the Red Tape Challenge in April 2011 below.

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These regulations set out the content, form and auditing requirements of the financial accounts and other reports that companies have to produce.

You can find the regulations that relate to accounts and returns below to the left.

The Companies Act 2006 (Transfer of Audit Working Papers to Third Countries) Regulations 2010

Amends provisions in Companies Act 2006 on the transfer of audit working papers to third country audit regulators. Implements Commission Decision under the Audit Directive.

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EU

The Companies Act 2006 (Accounts, Reports and Audit) Regulations 2009

Implements EU Accounting Directives.

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EU

The Companies Act 2006 (Annual Return and Service Addresses) Regulations 2008

Details the information to be provided in the annual return of a company and prescribes conditions to be met by a service address (as defined in section 2 of the Companies Act 2006).

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EU Domestic

The Statutory Auditors and Third Country Auditors (Amendment) (No. 2) Regulations 2008

Amends regulations on registration of auditors of companies outside the European Economic Area which issue securities on UK markets.

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EU

The Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008

Sets out the form and content of accounts for medium and large sized LLPs. Allows abbreviated accounts for mediums.

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Domestic

The Small Limited Liability Partnerships (Accounts) Regulations 2008

Specifies the form and content of the accounts of limited liability partnerships (LLPs) who can take advantage of the small LLPs regime.

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Domestic

The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008

Applies accounting and audit rules from Companies Act 2006 to LLPs.

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Domestic

The Accounting Standards (Prescribed Body) Regulations 2008

Establishes the Accounting Standards Board under the articles of association of The Financial Reporting Council.

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Domestic

The Companies (Defective Accounts and Directors’ Reports) (Authorised Person) and Supervision of Accounts and Reports (Prescribed Body) Order 2008

Establishes the Financial Reporting Review Panel under the articles of association of the Financial Reporting Council.

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Domestic

The Partnerships (Accounts) Regulations 2008

Applies 4th and 7th Company Law Directive accounting framework and Audit Directive to those partnerships and limited partnerships where all members have limited liability.

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EU

The Statutory Auditors and Third Country Auditors (Amendment) Regulations 2008

Corrects errors in the Statutory Auditors and Third Country Auditors Regulations 2007.

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EU

The Statutory Auditors (Delegation of Functions etc) Order 2008

Delegates most of the Secretary of State’s functions under Part 42 of the Companies Act 2006 (statutory auditors etc) to the Professional Oversight Board of the Financial Reporting Council.

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EU

The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

Specifies the form and content of the accounts and reports of companies other than for the small companies regime.

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EU

The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008

Defines “small companies regime” including the form and content of the individual accounts.

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EU

The Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008

Raises thresholds for qualifying as a small or medium-sized company or group for certain accounting and audit exemptions.

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EU

The Companies (Summary Financial Statement) Regulations 2008

Enables companies to send out summary financial statements in place of their full accounts and reports.

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Domestic

The Companies (Revision of Defective Accounts and Reports) Regulations 2008

Sets out requirements for preparing revised annual accounts, directors’ reports, directors’ remuneration reports and summary financial statements.

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Domestic

The Independent Supervisor Appointment Order 2007

Appoints the Professional Oversight Board as Independent Supervisor of the Auditors General.

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EU

The Statutory Auditors and Third Country Auditors Regulations 2007

Completes the UK’s original implementation of the Audit Directive.

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EU

The Companies (Principal Business Activities) (Amendment) Regulations 2002

Amends a form and prescribes the system of classifying business activities in its annual return using the Standard Industry Classification 1992

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Domestic

The Late Payment of Commercial Debts (Rate of Interest) (No. 3) Order 2002

Allows creditors to apply statutory interest rates on certain debts.

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EU

The Late Payment of Commercial Debts Regulations 2002

Repeals the Secretary of State’s power to specify excepted categories of contracts where late payment interest is not to be payable; and the corresponding Order.

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EU

The Companies (Principal Business Activities) (Amendment) Regulations 1996

Prescribes the system of classifying business activities in its annual return using the Standard Industry Classification 1992.

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Domestic

The Companies Act 1985 (Audit Exemption) Regulations 1994

Exempts small companies from having their accounts audited under the Companies Act 1985. Includes consequential amendments to other legislation still in force.

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Domestic

Tell us what you think should happen to these regulations and why, being specific where possible:

75 responses to Accounts and returns

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    Shirley Hamilton said on September 3, 2011 at 7:51 pm

    I agree with this comment. I have the onerous job of both Annual Return and Accounts, for a non-trading Small Company which was only formed to buy the Freehold of 4 flats from a difficult Landlord. Last year they would not accept my account because I used the information about regulations from a previous submission, and the relevant sections had been changed. I am not an Accountant and we have no bank account, so why did I get fined £150, because they sent my account back and then it was submitted late. It is not a fair system for people such as ourselves.

    Comment Tags: Birmingham, LadySec.

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