This chapter considers the exemptions available to small and medium-sized companies and groups in respect of the annual accounts that are sent to members. The Companies Act 1985 (Accounts of Small and Medium-sized Companies and Minor Accounting Amendments) Regulations 1997 (SI 1997 No 220), which were issued to clarify the requirements applicable to small companies, apply to annual accounts approved on or after 1 March 1997 and to auditors’ reports in respect of those accounts. However, transitional provisions allow the changes to be disregarded for periods ending on or before 24 March 1997; in which case, the previous requirements may be followed. The provisions of the FRSSE are briefly considered in 31.63 to 31.80 below. The statutory exemptions that permit abbreviated accounts to be filed with the Registrar of Companies are dealt with in chapter 32.
KeywordsBalance Sheet Accounting Standard Intangible Asset Small Company Disclosure Requirement
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