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What are Abridged accounts?

Article ID
ias-12366
Article Name
What are Abridged accounts?
Created Date
22nd December 2016
Product
IRIS Accounts Production
Problem
What are Abridged accounts?
Resolution
Under the ‘Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015’ (for accounting periods that start on or after 1 January 2016 or where early adoption applies) small companies must now prepare and file the same set of accounts for its members as those filed at Companies House. Note: Small companies do have the option to opt not to file a profit and loss account (and related notes) and/or directors’ report to the registrar e.g. “filleted” accounts. Please refer to KB IAS-12364 for further details. To facilitate change the new regime introduced the concept of “Abridged” accounts which refer to financial statements that include an abridged balance sheet and/or abridged profit and loss account (income statement) pursuant to paragraph 1A of Part 1 of Schedule 1 to the Small Companies Regime. Abridged accounts can only be prepared where all members have consented to the abridgment which must be obtained each year. Where consent has been given, abridgment would apply to BOTH the financial statements for the members AND the registrar (under s444 e.g. filleted). For more information on preparing Abridged accounts within Accounts Production please refer to the How to Guide: ‘How to create a set of Accounts for the Registrar and/or Abridged Accounts’ within the IRIS Help Centre Please refer to KB IAS-12365 for details on the difference between “Filleted” accounts and “Abridged” accounts. The following links also provide useful information: accounts advice for small-companies . filing options FAQs .

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