Abbreviated accounts were formerly a simplified form of annual accounts that small qualifying companies could file under the Companies Act to cut costs and save time, while minimizing the disclosure of business information.
Abbreviated accounts, formerly known as modified accounts, are simplified financial statements that small companies in certain jurisdictions can file instead of full statutory accounts.
The lodging of financial statements of a company with the Registrar of Companies. There are penalties for late filing. Companies that meet the statutory definition of a small company or a medium-sized company are permitted to file abbreviated accounts.
A small group is a classification under the Companies Act where specific size criteria meet and allow exemptions for certain financial reporting requirements.
