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Small business accounts: disclosures and Section 1A - part 7

In the latest article in our series on practical accounting issues for small businesses under new UK GAAP, Anne Cowley ACA examines how to deal with disclosure requirements and the use of Section 1A, the difficulties over applying somewhat challenging guidelines on true and fair in practice and the importance of providing enough information about material balances and transactions 

In this article we consider the preparation of the accounts themselves. Small companies benefit from access to Section 1A, which sets out significantly reduced disclosures. But since the accounts still need to give a true and fair view, many small companies will find it necessary to go beyond the minimum disclosures to make sure users have enough information to understand the accounts.

Here we look at the requirements in Section 1A and consider some of the problem areas already arising in practice.

The requirements of Section 1A

Section 1A is designed so that any entity which qualifies as small or which would qualify were it established under under Companies Act 2006 (CA 2006), can apply it.

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