Statutory framework

Copyright © 2024 LexisNexis

This overview is a guide to the Lexis®+ Corporate content within The statutory regime subtopic, with links to the appropriate materials.

Certain aspects of the United Kingdom corporate reporting framework were affected by Brexit. For further details see Practice Note: Brexit—accounts and reports [Archived].

The Companies Act 2006 (CA 2006) sets out detailed provisions relating to the preparation of the annual accounts of a company. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 apply some of these provisions to limited liability partnerships (LLPs).

Requirement to prepare accounts

For comprehensive coverage of the accounts and reports regime in a useful Q&A format see: Accounts and reports—fundamentals.

The directors of every company and the members of every LLP are required to prepare accounts for each financial year. As to how a company's financial year is determined, see Practice Note: A company's financial year. The provisions for determining an LLP’s financial year are identical to those applicable to companies incorporated after 8 November 2006.

Every company and LLP must prepare individual

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Existing user? Sign-in TAKE A FREE TRIAL
Powered by Lexis+®
Latest Corporate News

Corporate weekly highlights—21 November 2024

This week's edition of Corporate weekly highlights includes publication of Glass Lewis’ 2025 proxy voting policy guidelines, FCA Primary Market Bulletin 52 on issuers’ ability to identify and make public information that is inside information under MAR, HMT’s PISCES consultation response together with draft legislation to establish PISCES and HMT’s consultation on the value and use cases of a UK Green Taxonomy. Also included, are news of the adoption of the EU ESG Ratings Regulation and the announcement that EU due-diligence reporting duties are to be simplified through an ‘omnibus’ regulation.

Council adopts EU ESG Ratings Regulation

The Council of the EU has announced its adoption of the Regulation on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities and amending the Sustainable Finance Disclosure Regulation (EU) 2019/2088 (EU SFDR) and the ESG Ratings Regulation (EU) 2023/2859. The Regulation will be published in the EU’s Official Journal (OJ) before entering into force 20 days later; it will apply 18 months later.

EMA publishes European Platform for Regulatory Science Research concept paper

The European Medicines Agency (EMA) has published a concept paper, proposing the establishment of a European Platform for Regulatory Science Research. The Platform aims to accelerate and advance regulatory science research and enhance the quality of research to improve regulatory practices and medicine development. The EMA has launched a consultation on the concept paper, which closes on 18 December 2024. The EMA has launched a consultation on the 2024 update to its Regulatory Science Research Needs (RSRN) initiative, which also closes on 18 December 2024. This consultation seeks input on research priorities to address gaps in regulatory science and improve medicine development and evaluation. The RSRN outlines research needs across four key areas: clinical research improvement, regulatory system evolution, leveraging technologies for specific medicine types, and advancing veterinary medicine regulation.

Glass Lewis publishes 2025 proxy voting policy guidelines

Glass Lewis has published its 2025 proxy voting policy guidelines for the US, UK, and Europe. The updated guidelines, effective from 1 January 2025, introduce significant policy updates, including board oversight of artificial intelligence (AI), shareholder meeting formats, and time-based awards. It also comprises guidance on evaluating shareholder proposals related to the use of AI technologies and environment, social, and governance issues. Glass Lewis intends to publish updates to its guidelines for additional local markets and thematic policy guidelines by mid-December 2024.

View Corporate by content type :  
News
Practice notes
Precedents
Q&As

Popular documents

The small companies regime

The small companies regimeThe statutory rules governing the annual accounts and reports of small companies (other than micro-entities) are set out in:•Part 15 of the Companies Act 2006 (CA 2006)•the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (Small Companies

Directors’ remuneration report

Directors’ remuneration reportThis Practice Note covers the statutory, regulatory and corporate governance framework for directors’ remuneration reports (including the directors’ remuneration policy), and related practical guidance.Law and regulationThe Companies Act 2006 (CA 2006) and the Large and

The strategic report

The strategic reportSTOP PRESS—Impact of the Retained EU Law (Revocation and Reform) Act 2023: This document contains references to retained EU law (REUL) and associated terms introduced by the European Union (Withdrawal) Act 2018 in connection with Brexit. From 1 January 2024, REUL that remains in

Disclosure Guidance and Transparency Rules requirements—the annual financial report

Disclosure Guidance and Transparency Rules requirements—the annual financial reportSTOP PRESS—Impact of the Retained EU Law (Revocation and Reform) Act 2023: This document contains references to retained EU law (REUL) and associated terms introduced by the European Union (Withdrawal) Act 2018 in
The small companies regime

The small companies regime

The small companies regimeThe statutory rules governing the annual accounts and reports of small companies (other than micro-entities) are set out in:•Part 15 of the Companies Act 2006 (CA 2006)•the Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 (Small Companies

Directors’ remuneration report

Directors’ remuneration report

Directors’ remuneration reportThis Practice Note covers the statutory, regulatory and corporate governance framework for directors’ remuneration reports (including the directors’ remuneration policy), and related practical guidance.Law and regulationThe Companies Act 2006 (CA 2006) and the Large and

The strategic report

The strategic report

The strategic reportSTOP PRESS—Impact of the Retained EU Law (Revocation and Reform) Act 2023: This document contains references to retained EU law (REUL) and associated terms introduced by the European Union (Withdrawal) Act 2018 in connection with Brexit. From 1 January 2024, REUL that remains in

Disclosure Guidance and Transparency Rules requirements—the annual financial report

Disclosure Guidance and Transparency Rules requirements—the annual financial report

Disclosure Guidance and Transparency Rules requirements—the annual financial reportSTOP PRESS—Impact of the Retained EU Law (Revocation and Reform) Act 2023: This document contains references to retained EU law (REUL) and associated terms introduced by the European Union (Withdrawal) Act 2018 in