(223)-PREPARATION OF ACCOUNTS AND FILLING REQUIREMENTS

Preparation of accounts and filling requirements

Form and content

Company Profit and loss accounts and balance sheets must comply with the company's act format requirements. These must be accompanied by notes which comply with the disclosure requirements of the company's act as well as the relevant standards.
In additionally to the accounts a director’s report is required
Large public limited companies which are quoted on stock exchange frequently provide more than the minimum required.

Approval and signing

Accounting for post balance sheet date events standard requires the date on which the directors approve the financial statements to be disclosed in the financial statements.
The company's act requires the balance sheet to be approved and signed on behalf of the board by a director.
The director’s report must be approved by the board of directors and signed on behalf of the board either by a director or by company secretary.

Audit

Every company must be audited by a registered auditor. The audit report must accompany the financial statements. Note that the audit requirement applies to unlimited companies and to company's limited by guarantee.

Filling

The directors are required to file with the registrar of companies a copy of the annual accounts, directors’ report and auditors report. This requirement does not apply to unlimited companies.
Special concessions are available to small and medium-sized companies. The directors of these companies may file abbreviated accounts.
There is a time limit for felling of accounts. Private companies within 10 months of the end of there reference period, public companies within seven months.

Summary financial statements

The general rule is that all shareholders and debenture holders must the sent a copy of the full accounts.