UK: Companies Act (2006) - BERR publishes guidance on accounting and reporting provisions

BERR has published guidance on the accounting and reporting provisions within the Companies Act (2006) and associated Regulations. The guidance summarises changes introduced by the Act and Regulations and explains the relevance of the Act's provisions for companies required (or opting) to prepare accounts using international accounting standards.

The Accounting Standards Board has already referred to the guidance: in a press release published today, the ASB comments on the meaning of "off-balance sheet arrangements" in Section 410A of the 2006 Act. Section 410A was inserted by Section 8 of the Companies Act 2006 (Amendment) (Accounts and Reports) Regulations 2008 and requires the disclosure of off balance sheet arrangements by companies other than small companies. However, no definition of "off balance sheet arrangement" is provided - hence the ASB's guidance.