Companies Act — changes to the reporting regime

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, which came into effect on 1 October 2013, change the current narrative reporting framework under the Companies Act 2006. Under the new framework, companies will prepare a ‘strategic report’, which will be a separate part of the annual report and not simply a section of the directors’ report. 

For all companies, the strategic report must contain a fair review of the company’s business and a description of the principal risks and uncertainties facing the company. The review must be a balanced and comprehensive analysis of both the development and performance of the company’s business during the financial year, and the position of the company’s business at the end of that year, consistent with the size and complexity of the business. 

Some disclosures that were required under the previous ‘business review’ regime are no longer required — the requirements to disclose the principal activities of the group, the policy and practice on payment of creditors, charitable donations over £2,000 and the difference between the market value and balance sheet value of land…

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