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Annual statutory statement
The annual statutory statements of companies in the UK are prepared when the company prepares its statutory financial year end statement. The annual statutory statements of companies in the UK are prepared as a result of their audited financial reports submitted to the Companies House. The annual statutory statement is the first source of public information for financial analysts and investors, as they are the first source of data for auditors and accountants during the Reporting period. An annual statutory statement normally consists of one or more documents.
Financial Events
A detailed description of the financial events that happened throughout the year is included in the annual statutory statement. In addition, a statement about the management’s plans and objectives for the future is also included in the annual statutory statement. The annual statutory statement must be submitted to the House of Commons for approval before it can be made public.
Auditors are employed by the House of Commons to make the annual statements. These accountants will analyze the company’s annual report and prepare the reports in accordance with UK GAAP (Generally Accepted Accounting Principles). The accountants will use a checklist to check the items they need to verify. The accountants may even ask for supplementary information from the company. If there is any other required information, it should be provided along with the annual report.
Decision-Making Procedure
The annual statutory statement is prepared on behalf of the UK Parliament. It contains all the information that the Commons considers important for the general well-being of the country. There is a decision-making procedure attached to the annual statutory statement. For this reason, the statutory office of the Secretary of State usually provides assistance to prepare the annual statutory statement. This help can be found in the UK Parliament website.
The annual statutory statement is also referred to as a statement of facts. It can be used as a consolidated version of the annual financial accounts. The statutory document can be used to provide a more reliable picture of the achievement and impact of the year’s activities. A statutory document is prepared as soon as the year ends. It is required to be submitted to the appropriate committees of the House of Commons and the House of Lords no later than 30 days following the end of the financial year.
Adjustments to the Documentation
Information about the financial situation of the company must be included in the annual statement. The statutory document must contain the following information: the Company’s latest annual account, its assets, liabilities, and ownership structure. Information about the directors of the company and their relationships with the company must also be included. If the statutory office receives new information that needs to be in the annual statement, they must make the necessary adjustments to the documentation.
Reconciliation Statements
Companies are not required to include reconciliation statements in their annual statutory statements. If a reconciliation is not needed, then the annual statutory statement can state the results of the year’s audited financial accounts. The document can also state whether there was a profit or loss made and how much was generated from the activities of the company. A statement that states the total revenue and expenditure for the financial year may be used in the year’s annual statutory statement if it is expected that revenue will be higher or lower than was declared in the previous year’s statement.
Legal Requirement for the CPA
It is a legal requirement for the CPA and company to prepare annual reports on audited financial documents. Annual statements are prepared after an accounting period that ended on the last day of the fiscal year. To prepare an annual statement, the CPA must obtain all relevant documents that could have been reviewed during the year. If there are documents that need to be reviewed, then the CPA must contact the company for that purpose and must arrange for the review to be undertaken by an independent certified public accountant.
