Accounting Principles and Procedures

• Chairman’s statement
• Independent auditors reports
• Income statement (profit and loss)
• Statement of financial position (balance sheet)
• Corporate governance report
• Remuneration report
• Other statutory information

• Is a statement of the businesses financial position showing its assets and liabilities at a given date, usually at the end of the financial year
• Assets can include cash, property, debtors and other investments
• Liabilities can include borrowings, overdrafts, loans and creditors

A summary of the business income and expenditure transactions, prepared usually on an annual basis

Prepared for internal use and are not audited

An accountant

• New lease accounting standards which all companies had to comply from 2019 when using the International Financial Reporting Standards.
• The full costs of leases will have to be accounted for on the balance sheet.
• An occupiers obligation to pay the rent will have to be recognised as a liability, though service charge payments would be accounted for separately.
• Exemptions for leases less than 12 months

• Shows all the actual receipts and expenditure to include VAT.
• Not included in the annual accounts but is prepared for management purposes

• UK GAAP
• IFRS

Income Statement

Statement of financial position?