Companies Act 2014

Disclosure of accounting policies

321. (1) A company shall disclose in the notes to its entity financial statements the accounting policies adopted by the company in determining—

(a) the items and amounts to be included in its balance sheet, and

(b) the items and amounts to be included in its profit and loss account.

(2) Where a company prepares group financial statements, the notes to those financial statements shall disclose the accounting policies adopted by the company in determining—

(a) the items and amounts to be included in its consolidated balance sheet, and

(b) the items and amounts to be included in its consolidated profit and loss account.