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...

COVID-19: UK corporate reporting and audit: risks, going concern, viability, exceptional items, APMs, filing extensions, FCA/LSE reliefs and FRC guidance (Archived)

Published by a LexisNexis Corporate expert

Practice notes

Background

This archived Practice Note examined the effect and implications of the coronavirus (COVID-19) pandemic on the preparation and filing of a company’s report and accounts. It has not been updated or otherwise revised since May 2022.

Disclosure of principal risks

The Companies Act 2006 (CA 2006), the uk corporate governance code (UKCG Code) and the Disclosure Guidance and Transparency Rules (DTRs) contain overlapping requirements obliging companies to disclose the principal risks facing their business in both annual and interim financial reports:

the CA 2006 requires all UK incorporated companies (except for small companies) to prepare a strategic report for each financial year of the company. This report must include, among other things, ‘a fair review of the company’s business, and a description of the principal risks and uncertainties facing the company’
the UKCG Code requires the board of a premium listed company to carry out a robust assessment of the company’s emerging and principal risks and to confirm in the annual report that it has completed this assessment, including a description of its principal risks, what procedures are in place to identify emerging risks, and an explanation of how these are being managed or mitigated
the DTRs require that...

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Web page updated on 21/05/2026

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