Over the last few years the accountancy profession has become increasingly more and more bureaucratic, with much more emphasis being placed on disclosures and the overall way in which financial statements are prepared.

Limited companies in the UK have to prepare financial statements in accordance with Generally Accepted Accounting Practice (commonly referred to as ‘GAAP’). The GAAP in the UK specifies the framework in which financial statements are to be prepared and details the relevant disclosure requirements which must be disclosed within the financial statements (either within the primary financial statements themselves, or by way of note).

Download the full article Here. PDF Format