Abridged accounts: Difference between revisions
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imported>Doug Williamson (Delete 'more'.) |
imported>Doug Williamson (Restore UK example, in more generic terms.) |
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Abridged accounts (or abbreviated accounts) are accounts which contain less information than full accounts. | Abridged accounts (or abbreviated accounts) are accounts which contain less information than full accounts. | ||
Most financial reporting systems allow smaller and medium-sized organisations to report limited financial information in this way for some purposes, in order to reduce the administrative burdens on them. | Most financial reporting systems allow smaller and medium-sized organisations to report limited financial information in this way for some purposes, in order to reduce the administrative burdens on them. For example, UK company law allows smaller entities to report less information for the public record at Companies House, compared with larger organisations. | ||
Revision as of 18:09, 16 March 2016
Abridged accounts (or abbreviated accounts) are accounts which contain less information than full accounts.
Most financial reporting systems allow smaller and medium-sized organisations to report limited financial information in this way for some purposes, in order to reduce the administrative burdens on them. For example, UK company law allows smaller entities to report less information for the public record at Companies House, compared with larger organisations.
However, fuller-form and more detailed accounts are normally still required for other purposes. For example, for most tax purposes and for reporting to shareholders.
