UK Statutory Instrument
2008
United Kingdom
Small Companies and Groups (Accounts and Directors' Report) Regulations 2008
At a glance
Enforced by
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 205 other Schedules — structural / supplementary
Preliminary
Accounting principles
Accounting policies and measurement bases must be applied consistently within...
The amount of any item must be determined on a...
All income and charges relating to the financial year to...
In determining the aggregate amount of any item, the amount...
The opening balance sheet for each financial year shall correspond...
Preliminary
General rules
Rules for depreciation and diminution in value
(1) Where a fixed asset investment of a description falling...
(1) Where appropriate to the circumstances of a company's business,...
(1) The company's directors may adapt one of the balance...
So far as is practicable, the following provisions of Section...
(1) Where in accordance with paragraph 1(1) a company's balance...
(1) Where the reasons for which any provision was made...
Intangible Assets
(1) Intangible assets must be written off over the useful...
Current assets
(1) If the net realisable value of any current asset...
Excess of money owed over value received as an asset item
Assets included at a fixed amount
Determination of purchase price or production cost
(1) The purchase price or production cost of—
Substitution of original stated amount where price or cost unknown
Equity method in respect of participating interests
Where in accordance with paragraph 1(1A) a company's balance sheet...
(1) Subject to paragraph 1A any item required to be...
Preliminary
Subject to paragraphs 33 to 35, the amounts to be...
Alternative accounting rules
Application of the depreciation rules
Additional information to be provided in case of departure from historical cost accounting rules
Revaluation reserve
Inclusion of financial instruments at fair value
Determination of fair value
Hedged items
Other assets that may be included at fair value
(1) Where the special nature of the company's business requires...
Accounting for changes in value
The fair value reserve
Preliminary
Reserves and dividends
Disclosure of accounting policies
Paragraphs 48 to 57 require information which either supplements the...
Share capital
If the company has allotted any shares during the financial...
Fixed assets
Where any fixed assets of the company (other than listed...
(1) Subject to sub-paragraph (2), the directors must not include...
Investments
Information about fair value of assets and liabilities
(1) This paragraph applies if— (a) the company has financial...
Information where investment property and living animals and plants included at fair value
Information about revalued fixed assets
Details of indebtedness
If any fixed cumulative dividends on the company's shares are...
Guarantees and other financial commitments
Miscellaneous matters
Information supplementing the profit and loss account
Every profit and loss account other than one prepared by...
Particulars of turnover
Miscellaneous matters
Sums denominated in foreign currencies
Dormant companies acting as agents
Post balance sheet events
Parent undertaking information
Related party transactions
(1) For every item shown in the balance sheet or...
Amounts in respect of items representing assets or income may...
The company's directors must, in determining how amounts are presented...
Where an asset or liability relates to more than one...
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Introduction
Political donations and expenditure
(1) If the company (not being the wholly-owned subsidiary of...
Charitable donations
Disclosure concerning employment etc. of disabled persons
Disclosure required by company acquiring its own shares etc.
General rules
The conditions for accounting for an acquisition as a merger...
(1) The merger method of accounting is as follows.
(1) Where a group is acquired, paragraphs 9 to 11...
(1) The following information with respect to acquisitions taking place...
(1) There must also be stated in a note to...
Where during the financial year there has been a disposal...
The information required by paragraph 13, 14 or 15 need...
Where an acquisition has taken place in the financial year...
Non-controlling interests
Joint ventures
Associated undertakings
(1) The consolidated balance sheet and profit and loss account...
(1) The interest of an undertaking in an associated undertaking,...
Deferred tax balances
Related Party Transactions
Introduction and interpretation
Subsidiary undertakings
Holdings in subsidiary undertakings
Financial information about subsidiary undertakings not included in the consolidation
Shares of company held by subsidiary undertakings
Joint ventures
Associated undertakings
Other significant holdings of parent company or group
(1) The name of the undertaking must be stated.
(1) Where assets and liabilities to be included in the...
(1) There must also be stated— (a) the aggregate amount...
(1) The information required by paragraphs 32 and 33 must...
(1) The name of the undertaking must be stated.
(1) There must also be stated— (a) the aggregate amount...
Parent company's or group's membership of certain undertakings
Parent undertaking drawing up accounts for larger group
Identification of ultimate parent company
Construction of references to shares held by parent company or group
Any differences of accounting rules as between a parent company's...
Amounts that in the particular context of any provision of...
Elimination of group transactions
Acquisition and merger accounting
An acquisition must be accounted for by the acquisition method...
(1) The acquisition method of accounting is as follows.
Definition of “Provisions”
References in these Regulations to provisions for liabilities are to...
At the balance sheet date, a provision must represent the...
Provisions must not be used to adjust the values of...
Financial assistance for purchase of own shares
Redemption or purchase by private company out of capital
Justification of distribution by references to accounts
Realised losses
Financial instruments
Realised profits and losses
Staff costs
(1) The expressions listed in sub-paragraph (2) have the same...
Fixed and current assets
Historical cost accounting rules
Listed investments
Loans
Materiality
Participating interests
Purchase price
The amount falling due after more than one year must...
(Formats 1 and 2, item D.)
This item may alternatively be included under item C.II.3 in...
(Format 1, items E.4, H.4 and J and Format 2,...
There must be shown separately— (a) the amount of any...
Payments received on account of orders must be included in...
In Format 1, accruals and deferred income may be shown...
(Format 1, item F.)
In determining the amount to be shown under this item...
(Format 1, item K.I and Format 2, Liabilities item A.I.)...
(Formats 1 and 2, items A and C.II.3.)
The amount of allotted share capital and the amount of...
(Format 2, Liabilities items C.1 to 4.)
Amounts falling due within one year and after one year...
(Format 1, items 2, 4 and 5 ....)
These items must be stated after taking into account any...
(Format 1, items 9 and 10; Format 2, items 11...
Income and interest derived from group undertakings must be shown...
(Format 1, item 12; Format 2, item 14; ....)
The amount payable to group undertakings must be shown separately....
This item may either be shown at item A or...
(Formats 1 and 2, item B.I.1.)
Amounts representing goodwill must only be included to the extent...
(Formats 1 and 2, item B.I.2.)
Amounts in respect of concessions, patents, licences, trade marks and...
(Formats 1 and 2, items B.III.4 and C.III.2.)
Where amounts in respect of own shares held are included...
(Formats 1 and 2, items C.II.1 to 3.)
Browse 14 other sections — procedural / definitional / commencement
Citation and interpretation
Commencement and application
Companies Act individual accounts
Information about related undertakings (Companies Act or IAS individual accounts)
Information about directors' benefits: remuneration (Companies Act or IAS individual accounts)
Companies Act individual accounts: micro-entities – notes to the accounts
Accounts for delivery to registrar of companies (Companies Act individual accounts)
Directors' report
Companies Act group accounts
Information about directors' benefits: remuneration (Companies Act or IAS group accounts)
Information about related undertakings (Companies Act or IAS group accounts)
Accounts for delivery to registrar of companies (Companies Act group accounts)
Definition of “provisions”
General interpretation
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Companies House
PrimaryRegistration and regulation of UK companies. Maintains the public register of companies, enforces filing requirements for annual accounts and confirmation statements. Gateway …
Financial Reporting Council
Regulates auditors, accountants, and actuaries. Sets UK Corporate Governance Code and Stewardship Code. Monitors corporate reporting and audit quality. Planned to become …
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