Is there still a requirement to disclose authorised share capital in statutory accounts?
I understand CA 2006 removed the concept of authorised share capital. But not sure if this only applies to companies that incorporate once CA 2006 began to apply.
I've looked at a few plc 2009 YE accounts and they have not disclosed this. But those will be IFRS accounts whereas I'll be preparing UK GAAP accounts. Although I guess this is CA issue rather than a GAAP issue.
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No disclosure of authorised share capital
You are right that CA 2006 has abolished the concept of authorised share capital, which makes it pretty hard to disclose!
The detailed disclosure requirements are now contained in Regulations:
The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 SI 2008/410 and
The Small Companies and Groups (Accounts and Directors’ Report) Regulations 2008 SI 2008/409
Both available for free download from the HMSO website and are effective for all accounting periods beginning on or after 6 April 2008. Neither contains any reference to authorised share capital.
?
Nigel, when you say "hard to disclose", do you means they still exist in reality?
What if the company never changes its articles (for old companies before 2008)?
or what if the company is a subsidiary of a plc?
Clarity and transparency. No, sorry, "an easy life"
Hello Nigel
Thanks re "Both available for free download from the HMSO website" What's the link, please?
Links
The Regulations in relation to large and medium sized companies are at
http://www.opsi.gov.uk/si/si2008/uksi_20080410_en_1
those for small companies are at
http://www.opsi.gov.uk/si/si2008/uksi_20080409_en_1
The "HMSO", Her Majesty's Stationery Office, to which the earlier poster Nigel Hughes referred has in recent years been OPSI, the Office of Public Sector Information. The Regulations are on the OPSI website (not HMRC).
David