Accounting reference date (ARD) meaning

The determination of a company’s financial year Setting a company’s financial year involves identifying its accounting reference date (ARD) and accounting reference period (ARP). The financial year aligns with the ARP, although the directors may resolve that it should finish on a day up to seven days either side of the ARP’s end. The ARP itself is fixed by the ARD, concluding on that date. Certain statutory rules about a financial year may equally extend to other companies, for example overseas companies, and to other entities; nevertheless, consideration of those applications falls outside the scope of this Practice Note...

ABI Refer to the Association of British Insurers. Accounts meeting The specific general meeting at which a company lays, or proposes to lay, its annual accounts and reports under CA 2006, s 437—most commonly the AGM. Public companies must dispatch copies of their annual accounts and reports no later than 21 days before the date of the relevant accounts meeting (CA 2006, s 424). For more information, see Practice Note: Publication and laying of annual accounts and reports. Accounting reference period (ARP) Typically a twelve‑month period over which a company prepares its accounts. If the company’s accounting period does not match its period of account, or if it extends across more than one financial year, profits must be apportioned (see accounting reference date (ARD) below and Practice Note: Basic principles of corporation tax—overview). Accounting reference date (ARD) A company’s accounting reference period is set by its accounting reference date: the period ends on that date. The ARD is usually the final day of...

A Word or phrase Definition Accounting reference period (ARP) Typically, a 12‑month period within which a company prepares its accounts. If the company’s accounting period does not align with its period of account, or if that period covers more than one financial year, profits must be apportioned accordingly (see accounting reference date (ARD) and Practice Note: Basic principles of corporation tax—overview). Accounting reference date (ARD) The accounting reference period (ARP) of a company is set by its accounting reference date, which marks the period’s end. Ordinarily, the ARD is the final day of the month containing the anniversary of the company’s incorporation (CA 2006, s 391). For more detail, see Practice Note: A company's financial year. Accounts meeting The specific general meeting of the company at which its annual accounts and reports are, or are to be, laid in accordance with CA 2006, s 437, most commonly its annual general meeting (AGM). Annual accounts CA 2006, s 471 states that...