Opinion

Accounting records - guidance for directors

Lawyers Herbert Smith are reporting that the Institute of Chartered Accountants in England and Wales have issued " Guidance for directors on accounting records under the Companies Act 2006".

Companies have an obligation to keep adequate accounting records under section 386 of the Companies Act 2006 and failure to do so is an offence.

The Companies Act contains a number of minimum requirements for accounting records and the guidance gives practical guidance on how these requirements could be met. It covers areas such as the content, form and organisation of records, the preservation of records and the requirement for the company to be able to ascertain the company's financial position at any point in time.

This was first published in September 2011

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