Companies have to keep adequate financial records that are used to prepare their annual accounts. Our summary takes you through the basics.
A company has to keep adequate financial records of its transactions to give a fair picture of its financial affairs and enable the annual accounts to be prepared. They give a summary of a company’s financial affairs and are publicly available. There are different levels of disclosure requirements, depending on the size of the company.
The preparation of company accounts is a specialist task that is usually undertaken by the company’s accountants. Our summary takes you through the company’s basic obligations.