Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Annual accounts definition

What does Annual accounts mean? In company practice, annual accounts are the statutory financial statements prepared for each financial year, showing the company’s financial performance and position and, if it is a parent, the consolidated results of the group. In the UK, Companies Act 2006, s 471 defines “annual accounts” as the individual accounts prepared by the company for that year and any group accounts it prepares for that year. They must be prepared in accordance with the applicable accounting framework (UK‑adopted IFRS or Companies Act/FRS standards), approved by the directors, audited where required, circulated to members, and filed at Companies...

UK statutory company audit framework: obligations, exemptions, appointments, tendering, audit committees, PIEs, reports, member rights, filing/publication and liability (CA 2006, DTRs, UK Corporate Governance Code)

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Practice notes

In the United Kingdom, audits of accounts and reports fall under the Companies Act 2006 (CA 2006), notably Parts 16 and 42. By virtue of CA 2006, s 475, a company must have its annual accounts for each financial year audited in line with CA 2006, Pt 16, unless it can make use of one of the exemptions available. The expression ‘audit’ is not defined in the CA 2006...

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Web page updated on 29/05/2026

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