Annual or Integrated Report

Question 1

What companies need to keep accounting records?

Answer 1

ALL COMPANIES trading or not are required to keep accounting records and to prepare and publish in respect of each financial period their financial statements

First period commences from the date of incorporation and ends on the first
accounting reference date, which cannot be more than 18 months after
incorporation.

Then every 12 months thereafter.

Question 2

Can a company’s accounting reference date (year end date) be changed?

Answer 2

Yes. By default the company’s accounting reference date (year
end) is set at the end of the first month of incorporation. However, this can be extended or shortened to suit the company’s trading cycle, to match that of other group entities, to coincide with the tax year or some other date chosen by the directors.

Question 3

Who is responsible for producing a company’s annual report?

Answer 3

The production of the “annual report ” as opposed to just the “financial is often a joint project between two or more departments (company secretary team and finance). The financial disclosures likely to finance department.

Question 4

Annual report and accounts consist of what’s often called a
FRONT END and a BACK END. What does each contain?

Answer 4

FRONT END
Chair’s statement
Strategic and director’s report
Remuneration report
Corporate governance report
Various reports from committees

BACK END
Financial Statements