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Disclosure of financial statements - Coggle Diagram
Disclosure of financial statements
Availability of annual accounts and reports
Section 430 requires quoted companies to make available on their website their annual report until annual report for the next financial year are made available on the website
A listed company must ensure its financial statements are publicly available for a period of at least 10 years
The annual accounts must be made available as soon as reasonably practicable on a website that is maintained by or on behalf of the company and that identifies the company in question
Access to the website must be available to all members of the public and not just to members of the company, continuously and free of charge
Any member or holder of debentures of a quoted company is entitled to be provided on demand and without charge, with a single copy of the following documents
Last annual accounts
Last directors remuneration report
Last strategic report
Last directors report
Auditors report on the account
Filing requirements
Registrar
Companies must deliver a signed copy of their accounts, which need not be full accounts whether audited or not, to the Registrar as follows
Private companies within 9 months of year end
Public companies within 6 months of year end
If the companys first accounting period is longer than 12 months, the period allowed for filing the accounts ends on the date nine or six months after the first anniversary of the company's incorproation, or if later, 3 moths after the end of the accounting reference period
If the account period is shortened, the period allowed for filing the accounts is 9 or 6 months or if later 3 months after the date of the notice shortening the accounting period
Unlimited companies, other than those which are subsidiaries of ltd companies, do not need to file their financial statements with the Registrar
FCA
A listed company must publish its financial statements within four months of the year end
If a listed company makes a preliminary statement of its annual results, which must be approved by its auditors, this must be made as soon as practical after the statement has been approved by the directors
The European Single Electronic Format (ESEF) is the new standard for digital financial reporting by companies admitted to trading on UK or EU regulated markets, he new format will be required for financial years starting on or after 1 Jan 2021. The directors will approve and sign off the company's accounts and will authorise that the ESEF version be prepared from the approved accounts
Half yearly financial reports
Listed companies are also required to publish half yearly financial reports
These cover the first six months of the financial year
Must be made public as soon as possible but no later than 3 months after the end of the period to which the report relates
Listed companies must ensure that the half yearly financial reports remain available to the public for at least 10 years