It can be difficult to understand how applying UK GAAP should look in practice. To support you, we've prepared these illustrative example financial statements in accordance with FRS 102 (January 2022) and the requirements of the Companies Act 2006.
The example is based on a fictitious UK company: a large, privately-owned parent of a global group. It's designed to be relevant to a range of sectors.
We've made choices on the activities, transactions, and balances to include, as well as the accounting and presentation policies to apply where the requirements provide flexibility.
The example statements obviously can't address every possible disclosure that might be required in practice. The form and content of an annual report and financial statements will always need to be tailored to your circumstances.
The most recent statements have been prepared using FRS 102 and company law applicable for the year ending 31 December 2023.
While we've taken every care, example financial statements should only be used in conjunction with, and not as a substitute for, the source requirements of the relevant reporting framework - in this case FRS 102 and company law.
In this publication you'll find additional guidance regarding the Strategic and Directors’ Report, particularly around the new UK mandatory Climate-Related Financial Disclosures. We have also included additional disclosures related to prior period errors.
Annual report and financial statements for the year ended 31 December 2023.
When it comes to preparing your annual accounts, there are lots of issues to consider. Explore valuable insights on hot topics for 2023 here [ 420 kb ].
You can find the illustrative accounts we shared last year here.
Annual report and financial statements for the year ended 31 December 2022
If you need further support on applying these requirements to your own transactions and circumstances, an independent adviser may be a good solution.
For more insight and guidance, get in touch with Chris Smith.
