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This briefing explains how audit works, the issues the industry are facing and the government's planned reforms.
This briefing explains how audit works, the issues the industry are facing and the government's planned reforms.
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has plans to amend Section 414C of the Companies Act and to ensure that companies do not inadvertently allow corporate directors to conceal or otherwise diminish the impacts of corporate negligence judged to be immaterial by...
To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has plans to amend Section 414C of the Companies Act and to ensure that companies do not inadvertently allow corporate directors to conceal or otherwise diminish the impacts of corporate negligence judged to be immaterial by...
The directors of a company have a duty to prepare a strategic report and are responsible for its contents and their judgements. The auditor is required to review the strategic report and, based on the work done during the audit of the accounts, to state whether information in the strategic report is consistent with the accounts and has been prepared in accordance with applicable legal requirements. Both the directors and the auditor are accountable to the shareholders of the company for the contents of the strategic report.
The Financial Reporting Council, through its Supervision Committee, reviews the annual reports of public and large private companies for compliance with the law. The FRC’s corporate reporting review work does not duplicate the role of directors or auditors. Directors are responsible for the judgements in the strategic report, not the FRC’s Supervision Committee.
The Government will publish a post-implementation review of non-financial reporting regulations shortly. The post implementation review will cover both the 2013 regulations, which introduced the requirement for a strategic report, and the 2016 regulations requiring reporting on environmental, social and community matters, applicable to large Public Interest Entities.
To ask Her Majesty's Government whether, and if so why, there is a difference between the statutory definition of a liability required for companies accounts as set out in Part 18 and Part 23 of the Companies Act 2006 and the Large and Medium-sized Companies and Groups (Accounts and Reports)...
To ask Her Majesty's Government whether, and if so why, there is a difference between the statutory definition of a liability required for companies accounts as set out in Part 18 and Part 23 of the Companies Act 2006 and the Large and Medium-sized Companies and Groups (Accounts and Reports)...
The Government considers that there is no difference between the meaning of a liability, as recorded in companies’ accounts, in Parts 18 and 23 of the Companies Act 2006, compared with the definition of a liability in The Financial Reporting Standard (FRS) 102, which may be applied in accordance with Part 15 of the Act.
The FRC issues the standards for the purposes of section 464 of the Companies Act 2006, having been prescribed as the standard issuing body by the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012 (SI 2012/1741). In doing so the FRC must adhere to the requirements set out in statute. Unquoted companies are required to use accounting standards issued by the FRC, including FRS 102, when preparing their accounts under the Companies Act, except where they choose to use International Accounting Standards.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 11 April (HL6619), why the guidance setting out generally accepted practice on realised and unrealised profits is produced by the Institute of Chartered Accountants in England and Wales and Institute of Chartered Accountants of Scotland; and, in determining...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 11 April (HL6619), why the guidance setting out generally accepted practice on realised and unrealised profits is produced by the Institute of Chartered Accountants in England and Wales and Institute of Chartered Accountants of Scotland; and, in determining...
The guidance issued by the Institute for Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland concerns the generally accepted practice of directors in determining the distribution of profits by their companies. This is not the subject of an accounting standard, which are issued by the Financial Reporting Council, as the prescribed body under section 464 of the Companies Act 2006. The powers under Section 464 of the Companies Act 2006 are limited to statements on the standard practice applicable to a company’s annual accounts.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 5 March (HL5823), why banking solvency would not be a matter for the Financial Reporting Council to deal with as well as a Financial Services Authority matter given that the capital maintenance and dividend distribution regime...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 5 March (HL5823), why banking solvency would not be a matter for the Financial Reporting Council to deal with as well as a Financial Services Authority matter given that the capital maintenance and dividend distribution regime...
As stated in the reply given to the noble Baroness on 5th March 2018 to Question HL5823, the Financial Reporting Council is not responsible for the prudential regulation of banks.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5214), on which issues does the Financial Reporting Council now accept the position set out by Mr Bompas QC; and in particular whether section 831 of the Companies Act 2006 is one such issue.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5214), on which issues does the Financial Reporting Council now accept the position set out by Mr Bompas QC; and in particular whether section 831 of the Companies Act 2006 is one such issue.
As stated in the reply given to the noble Baroness on 12th February 2018 to question HL5214, the Financial Reporting Council (FRC) sought advice on a range of matters from Martin Moore QC and accepted the advice it received. This includes the advice relating to the requirements of the Companies Act 2006 that determines distributable profits. Section 831 forms part of those requirements. The FRC has not changed its views on those matters.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5280) which stated that “the Government has stated previously that it does not consider that the Companies Act requires the accounts of the company to state the company’s distributable profits”, what assessment they have made of...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5280) which stated that “the Government has stated previously that it does not consider that the Companies Act requires the accounts of the company to state the company’s distributable profits”, what assessment they have made of...
That assessment was set out in the reply given to the noble Baroness on 12th February 2018 to Question HL5280: The determination of the distributable profits and of a distribution by a public company must be based on the profits of the company as set out in the company’s accounts. These must be prepared in accordance with the accounting standards, with the overriding requirement that they must give a true and fair view of the company’s finances. However, the Government has stated previously that it does not consider that the Companies Act requires the accounts of the company to state the company’s distributable profits.
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5212) which stated that “The Financial Reporting Council published a statement in June 2014 confirming that the true and fair requirement remains of fundamental importance in the preparation of accounts”, whether they have identified any mistakes...
To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 12 February (HL5212) which stated that “The Financial Reporting Council published a statement in June 2014 confirming that the true and fair requirement remains of fundamental importance in the preparation of accounts”, whether they have identified any mistakes...
The Department for Business, Energy and Industrial Strategy has not identified mistakes in the description of requirements deriving from section 393 of the Companies Act 2006 in the June 2014 Financial Reporting Council (FRC) statement. The FRC is an independent regulator.
To ask Her Majesty's Government whether the Financial Reporting Council rejected two legal opinions from Mr George Bompas QC, for the Local Authorities Pension Fund Forum, on the net assets test under section 831 of the Companies Act 2006; and, if so, on what grounds.
To ask Her Majesty's Government whether the Financial Reporting Council rejected two legal opinions from Mr George Bompas QC, for the Local Authorities Pension Fund Forum, on the net assets test under section 831 of the Companies Act 2006; and, if so, on what grounds.
The Financial Reporting Council (FRC) sought advice on a range of matters from Martin Moore QC and the Local Authorities Pension Fund Forum sought advice on a range of issues from George Bompas QC. The opinions received have been published by the respective organisations and reflect that leading counsel reached different conclusions on some of the issues. The FRC accepted the advice it received.
To ask Her Majesty's Government what immediate action, if any, was taken as a result of a letter from the Financial Reporting Council (FRC) to the Department of Trade and Industry of 8 April 2005 stating that (1) the FRC regarded the law relating to capital maintenance, which includes the...
To ask Her Majesty's Government what immediate action, if any, was taken as a result of a letter from the Financial Reporting Council (FRC) to the Department of Trade and Industry of 8 April 2005 stating that (1) the FRC regarded the law relating to capital maintenance, which includes the...
No immediate substantive action was possible as the legal framework discussed in the letter from the Financial Reporting Council transposes EU law.
The determination of the distributable profits and of a distribution by a public company must be based on the profits of the company as set out in the company’s accounts. These must be prepared in accordance with the accounting standards, with the overriding requirement that they must give a true and fair view of the company’s finances. However, the Government has stated previously that it does not consider that the Companies Act requires the accounts of the company to state the company’s distributable profits.
To ask Her Majesty's Government why the Financial Reporting Council’s True and Fair guidance does not include guidance in respect of the net assets test under section 831 of the Companies Act 2006 and that test's relation to accounts and the payment of lawful dividends.
To ask Her Majesty's Government why the Financial Reporting Council’s True and Fair guidance does not include guidance in respect of the net assets test under section 831 of the Companies Act 2006 and that test's relation to accounts and the payment of lawful dividends.
The Financial Reporting Council published a statement in June 2014 confirming that the true and fair requirement remains of fundamental importance in the preparation of accounts. The statement was made specifically in relation to Section 393 of the Companies Act 2006, which prohibits directors of a company from approving annual accounts unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit and loss of the company.
In addition to guidance to auditors on reports on the annual accounts, the FRC has issued separate guidance on auditors’ responsibilities in respect of other reports and statements which they might also be called upon to provide. This includes guidance on a report on a proposed distribution by a company under section 836 to 839 of the Companies Act 2006, dealing with justification of dividends by reference to relevant annual, interim and initial accounts. This includes reference to the application of the net assets test under section 831.
Letter dated 06/07/2012 from Norman Lamb MP to Iain Wright MP regarding questions on the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012. Incl. annex. 6 p.
Letter dated 06/07/2012 from Norman Lamb MP to Iain Wright MP regarding questions on the Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc) Order 2012. Incl. annex. 6 p.
I. Letter dated 05/07/2012 from Baroness Wilcox to Lord Young of Norwood Green regarding Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc.) Order 2012. 1 p. II. Annex. 4 p.
I. Letter dated 05/07/2012 from Baroness Wilcox to Lord Young of Norwood Green regarding Statutory Auditors (Amendment of Companies Act 2006 and Delegation of Functions etc.) Order 2012. 1 p. II. Annex. 4 p.
My Lords, the purpose of this order, which amends the Companies Act 2006, is to implement the legislative
changes required to support the reforms to the Financial Reporting Council—the FRC—from 2 July 2012, announced by the Government in March.
The FRC is the UK’s independent regulator, promoting high quality corporate governance...
My Lords, the purpose of this order, which amends the Companies Act 2006, is to implement the legislative
changes required to support the reforms to the Financial Reporting Council—the FRC—from 2 July 2012, announced by the Government in March.
The FRC is the UK’s independent regulator, promoting high quality corporate governance...
My Lords, I would like to put on record that this is important legislation. In effect, it sets up a full-scale regulator of the accounting profession comparable to the FSA in the financial services industry. To some extent, I am slightly surprised that this is only an amendment to the...
My Lords, I would like to put on record that this is important legislation. In effect, it sets up a full-scale regulator of the accounting profession comparable to the FSA in the financial services industry. To some extent, I am slightly surprised that this is only an amendment to the...
My Lords, as chairman of the Financial Reporting Council, I thank the Minister very much for pursuing these reforms, which, as she has said, and this has been reinforced, were largely stimulated by an important report by a Select Committee of this House on its inquiry into the audit profession....
My Lords, as chairman of the Financial Reporting Council, I thank the Minister very much for pursuing these reforms, which, as she has said, and this has been reinforced, were largely stimulated by an important report by a Select Committee of this House on its inquiry into the audit profession....