Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Group accounts definition

What does Group accounts mean? Group accounts (also called consolidated accounts) are the financial statements that show a parent and its subsidiary undertakings as a single economic entity. In practice they are used for shareholder reporting, audit, covenants, financing and transactions. The obligation to prepare them is set by statute, while the expression itself is used descriptively across corporate practice. In the UK, Companies Act 2006, section 399 requires the directors of a parent undertaking at the end of a financial year to prepare group accounts as well as individual accounts, unless a statutory exemption applies. Common exemptions include qualifying as a small...

Companies Act 2006: preparing individual and group accounts - content, true and fair test, IAS options and exemptions for small, micro and subsidiary undertakings (UK)

Published by a LexisNexis Corporate expert

Practice notes

STOP PRESS

The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) obtained Royal Assent on 26 October 2023. It is designed to improve corporate transparency in the UK, mainly through Companies House reform and changes to provisions of the Companies Act 2006. It also seeks to modernise the regime for limited partnerships and grant stronger powers to tackle economic crime. ECCTA 2023 will be brought in gradually. Some provisions commenced on 4 March 2024 and may affect this content. For more information, see Practice Notes: Implementation of the Economic Crime and Corporate Transparency Act 2023 and The Economic Crime and Corporate Transparency Act 2023—tracker, notably the legislation and consultation tracker. This Practice Note focuses on the requirement for a company to produce Individual accounts and for a parent company to prepare Group accounts. The Companies Act 2006 (CA 2006) sets out detailed rules on the preparation of Annual accounts and reports by a company. The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980 (2015 Regulations) amended the CA 2006 to implement the EU Accounting Directive (Directive 2013/34/EU) into UK law...

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Tessa Park

Moore Kingston Smith

Tessa is technical partner of Kingston Smith LLP where she is responsible for preparing and presenting technical guidance and training on all aspects of financial reporting including FRS 102 and International Financial Reporting Standards (IFRS). Prior to joining Kingston Smith from a technical role within the mid tier, she worked with growing and entrepreneurial businesses, including listed companies, in a number of roles including as an audit manager in a Big Four firm....

Web page updated on 21/05/2026

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