Statutory Accounts

What is statutory accounts and why is it important?

Statutory accounts are normally known as financial statements, it allowed shareholders to see how company is performing and provide directors an accurate picture of company's business.

Under sections 201(2) and 201(5) of the Companies Act (the "Act"), directors are responsible to present and lay before the company, at its annual general meeting, financial statements that comply with Accounting Standards issued by the Accounting Standards Council; and give a true and fair view of the financial position and performance of the company.

Since 2007, insolvent exempt private limited companies and all private limited companies unless exempted are required to file their financial statements in XBRL format with annual return.

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