Here we look at how to prepare abridged accounts as well as considering the alternative option to adapt the standard primary statement formats and terminology.

Abridged accounts were introduced by the same legislation, issued in 2015 (Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, SI 2015/980), that removed the option for small companies to file abbreviated accounts for accounting periods starting on or after 1 January 2016. Abridged accounts allow small companies to show fewer line items on the face of the balance sheet and profit and loss account.