Abridged Financial Statements

Click on any of the links below to learn more about that part of the Act.


CA 2014 summary of changes – abridged financial statements:

• A company limited by guarantee can now qualify as ‘small’ company and therefore can prepare abridged financial statements

• Since the thresholds for what constitute a ‘medium’ sized company have expanded, more companies will be able to prepare and file medium sized company abridged financial statements

• There are additional disclosure considerations regarding small company abridged financial statements:

  • details of directors’ and secretary’s interests must be disclosed in an extract from the directors’ report
  • particulars of staff costs must be disclosed
  • details of directors’ remuneration and other transactions with directors’ must be disclosed in full
  • information on related undertakings must be disclosed
  • details regarding financial assistance provided for the purchase of a company’s own shares and details of holdings of own shares must be disclosed