The Companies Act No. 17 of 2015Section 620 of The Companies Act No. 17 of 2015: Interpretation: Part XXV
(1) In this Part—
“annual financial statement” in relation to a company, means the company's individual financial statement for a financial year, and includes any group financial statement prepared by the company for that year.
(2) In the case of an unquoted company, its annual financial statement and reports for a financial year consist of— (a) its annual financial statement;
(b) the directors' report; and
(c) the auditor's report on the financial statement and directors' report unless the company is exempt from audit.
(3) In the case of a quoted company, its annual financial statement and reports for a financial year consist of— (a) its annual financial statement;
(b) the directors' remuneration report;
(c) the directors' report; and
(d) the auditor's report on— (i) the financial statement;
(ii) the auditable part of the directors' remuneration report; and
(iii) the directors' report.
(4) A reference in this Part to a company's annual financial statement, or toa balance sheet or profit and loss account, includes notes to the statement, or balance sheet or profit and loss account that—
(a) give information required by a provision of this Act or the prescribed financial accounting standards; and
(b) are required or permitted by the provision to be given in a note to a company's financial statements.
Check the current authoritative text and amendment history before relying on this provision.
Information required by this Part to be given in notes to a company’s annual financial statement can be contained in the statement or in a separate document annexed to it.
(1) The requirements of this Part relating to the financial statement of acompany apply to each financial year of the company. (2) In certain respects, different provisions apply to different kinds of…
The small companies regime for financial statements applies to a company for a financial year in relation to which the company— (a) qualifies as small; and (b) is not excluded from the regime.
(1) A company qualifies as small in relation to its first financial year if the qualifying conditions are satisfied in that year. (2) A company qualifies as small in relation to a subsequent financial…
(1) A parent company qualifies as a small company in relation to a financial year only if the group of companies headed by it qualifies as a small group. (2) A group qualifies as a small group in rela…
(1) The small companies regime does not apply to a company that is, or wasat any time within the financial year to which the financial statement relates— (a) a public company; or (b) a member of an in…
For the purposes of this Part, a company is a quoted company in relation to a financial year if it was a quoted company immediately before the end of the accounting reference period by reference to wh…
(1) Every company shall keep proper accounting records. (2) For purposes of subsection (1), accounting records are proper only if they—(a) show and explain the transactions of the company; (b) disclos…
(1) If a company fails to comply with a provision of section 628, the company,and each officer of the company who is in default, commit an offence. (2) A person who is found guilty of an offence under…
(1) Except in so far as the regulations otherwise provide, a company shall—(a) keep its accounting records at its registered office; and (b) ensure that the records are at all times open to inspection…
(1) If a company fails to comply with a provision of section 630(1), the company,and each officer of the company who is in default, commit an offence. (2) An officer of a company who— (a) fails to tak…
(1) A financial year of a company is determined in accordance with this section. (2) A company’s first financial year— (a) begins with the first day of its first accounting reference period; and (b) e…
(1) The accounting reference periods of a company are determined accordingto its accounting reference date in each calendar year. (2) Unless otherwise prescribed in the articles or by any law, the acc…
(1) A company may, by notice lodged with the Registrar for registration, change its accounting reference date having effect in relation to— (a) the current accounting reference period of the company a…
(1) The directors of every company shall prepare a financial statement for thecompany for each of financial year of the company. (2) Such a financial statement is referred to in this Part as the compa…
(1) The directors of a company may approve a financial statement for thepurposes of this Division only if they are satisfied that the statement gives a true and fair view of the assets, liabilities an…
(1) The directors of a company shall prepare the company’s individual afinancial statement in accordance with section 638. (2) Subsection (1) is subject to section 645. (3) If the directors of a compa…
(1) In preparing an individual financial statement for a financial year, the directors of a company shall ensure that the statement complies with the requirements of this section. (2) The requirements…
(1) If, at the end of a financial year, a company that is not subject to the smallcompanies regime is a parent company, the directors of the company shall, in addition to preparing an individual finan…
(1) A company that is itself a subsidiary undertaking is exempt from the requirement to prepare a group financial statement in the following cases— (a) if the company is a wholly-owned subsidiary of t…
A parent company is exempt from the requirement to prepare a group financial statement if under section 644 all of its subsidiary undertakings could be excluded from consolidation in a group financial…
(1) If a group financial statement is required to be prepared, the directors of the parent company shall prepare the statement in accordance with section 643. (2) If the directors of the parent compan…
(1) In preparing a group individual financial statement for a financial year, the directors of the parent company concerned shall ensure that the statement complies with the requirements of this secti…
(1) In preparing a group financial statement, the directors of the parent company shall include in the consolidation all of the subsidiary undertakings of the company, subject to the exceptions specif…
(1) The directors of a parent company shall ensure that the individual financialstatements of— (a) the parent company; and (b) each of its subsidiary undertakings, are all prepared using the same fina…
(1) If— (a) a company prepares a group financial statement in accordance with this Act; and (b) the notes to the company's individual balance sheet show the company's profit or loss for the financial…
(1) The regulations may require information about related undertakings to be provided in notes to a company’s annual financial statement. (2) Those regulations— (a) may make different provision accord…
(1) This section applies when the directors of a company are of the opinion that the number of undertakings in respect of which the company is required to disclose information under any provision of r…
(1) If a company is not subject to the small companies regime, the directors of the company shall include in notes to the company’s annual financial statement the following information about the compa…
(1) Except in the case of a company that is subject to the small companies regime, the directors of a company shall include in the notes to the company's individual financial statement details of the…
(1) If a group financial statement is not prepared for a company, the directors of the company shall include in the notes to the company’s individual financial statement details of— (a) advances and c…
(1) As soon as practicable after a company’s annual financial statement hasbeen prepared, the directors shall approve the statement and arrange for one or more of them to sign it. (2) The directors sh…
(1) The directors of a company shall prepare a directors’ report for eachfinancial year of the company. (2) For a financial year in which— (a) the company is a parent company; and (b) the directors of…
(1) The directors shall include in their report for a financial year— (a) the names of the persons who, at any time during the financial year, were directors of the company; and (b) the principal acti…
(1) Unless the company is subject to the small companies regime, the directors shall include in their report a business review that complies with subsection (3), so far as relevant to the company. (2)…
(1) Section 655 does not require the disclosure of information about impendingdevelopments or matters in the course of negotiation if the disclosure would, in the opinion of the directors, detrimental…
(1) This section applies to a company unless— (a) it is exempt for the relevant financial year from the requirements of Part XXVII with respect to the auditing of the company’s financial statement; an…
(1) As soon as practicable after the directors have finished preparing their annual report for the company, they shall approve the report and arrange for one of them or the secretary of the company to…
(1) The directors of a quoted company shall prepare a directors’ remuneration report for each financial year of the company. (2) If subsection (1) is not complied with for a financial year, each perso…
(1) The regulations may prescribe— (a) the information that is required to be included in a directors’ remuneration report; (b) how information is to be set out in the report; and (c) what is to be th…
(1) As soon as practicable after the directors have finished preparing thedirectors’ remuneration report, the directors shall approve the report and shall arrange for one of them or the secretary of t…
(1) Every company shall send a copy of its annual financial statement andreports for each financial year to— (a) every member of the company; (b) every holder of the company’s debentures; and (c) ever…
(1) A private company shall comply with section 662 not later than— (a) the deadline for lodging a financial statement and directors' report with the Registrar; or (b) if earlier— the date on which th…
(1) If a company fails to comply with section 662 or 663, the company, and eachofficer of the company who is in default, commit an offence and on conviction are each liable to a fine not exceeding one…
(1) A company may, in such circumstances as may be prescribed by the regulations for the purposes of this section, send to its members a summary financial statement instead of the copy of the financia…
(1) The company shall send copies of the financial statement and reports to anyperson entitled to receive them in accordance with section 662 and who wishes to receive them. (2) A company that propose…
(1) If a company that is not a quoted company exercises the option to provide a summary financial statement, it shall ensure that the statement— (a) is derived from the company’s annual financial stat…
(1) If a quoted company exercises the option to provide a summary financial statement, it shall ensure that the statement— (a) is derived from the company’s annual financial statement and the director…
(1) If a company fails to comply with a requirement of section 666, 667 or 668,the company, and each officer of the company who is in default, commit an offence and on conviction are each liable to a…
(1) A quoted company shall ensure that its annual financial statement anddirectors’ report— (a) is made available on a website that complies with section 672; and (b) remains available on the website…
