Abbreviated Accounts

Abbreviated Accounts

Abbreviated Accounts

The abbreviatedaccount can be termed as one of the shortened and audited versions of thefinancial statement of a firm that is qualified as a small or medium firm. Thefirm that has the abbreviated account has the right to filing with theregistrar of companies in the UK. A large number of companies that account foralmost 45% of the total existing active firms in the UK have already opted forthe abbreviated accounts.

The small-sizedcompanies need the preparation of the abbreviated account that includes,

  • Abbreviation of the balance sheet.
  • Reduction in the set of the statutory notes.

The medium-sizedcompanies need some of the details that include,

·        Statement of the Chairman.

·        Report from the board of Directors.

·        Report on the Profit and Loss of theabbreviated account that starts from the Net Profit.

·        Balance Sheet of the company in an Abbreviatedform.

·        Statement of Cash Flow of the company in anAbbreviated form.

·        Abbreviation of the Statutory Notes.

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