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What are the contents of a set of public Ltd company accounts?
- 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
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What is a balance sheet?
- 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
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What is a profit and loss account?
A summary of the business income and expenditure transactions, prepared usually on an annual basis
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What are management accounts?
Prepared for internal use and are not audited
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Who prepares an audited account?
An accountant
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What is IFRS 16?
- 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
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What is a cash flow statement?
- Shows all the actual receipts and expenditure to include VAT.
- Not included in the annual accounts but is prepared for management purposes
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What are the guidelines that set regulation for how companies should set up accounts?
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What is another term for a profit and loss account?
Income Statement
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What is another term for a Balance Sheet?
Statement of financial position?
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