Applicable accounting standards

Under the Companies Act 2006, the accounts of all companies other than small or medium-sized companies have to state whether they have been prepared in accordance with applicable accounting standards and disclose any material departures from them. UK accounting standards consist of extant Financial Reporting Standards ( www.practicallaw.com/A36102) (FRSs), Statements of Standard Accounting Practice ( www.practicallaw.com/A37009) (SSAPs) which have not been withdrawn and Abstracts, which are consensus pronouncements on matters that do not require a full accounting standard or where a matter is particularly topical or pressing.

For further details, see Practice note, Accounting standards ( www.practicallaw.com/5-379-8026) .

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