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Other reporting issues factsheets

Our factsheets provide accessible and practical assistance on UK financial reporting issues arising from the requirements in the Companies Act 2006.

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Distributable Profits

This factsheet provides practical guidance for UK directors on the determination of distributable profits and the risks of unlawful distributions. Date published: 7 December 2010 (last updated May 2015).

UK regulation for company accounts

This factsheet provides an overview of the regulatory requirements affecting UK companies. This factsheet applies to both UK GAAP and IFRS adopters. It does not include the requirements of accounting standards or requirements of the Companies Act 2006 that are met by following accounting standards. This factsheet does not cover AIM or FCA rules. Date published: 10 November 2010 (last updated April 2015).

Purchase of Own Shares and Capital Reductions

UK limited companies are only allowed to purchase or redeem their own shares in strictly limited circumstances. Capital reductions may provide a simpler alternative for private companies. This factsheet explains what can sometimes be a complex and confusing area of company law. Date published: 6 May 2015.

Debt for Equity Swaps

This factsheet explains how to account for ‘debt for equity swaps’ in accordance with IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments. It will also be relevant under UK GAAP for companies applying FRS 26 (IAS 39) Financial Instruments: Recognition and Measurement. Date published: 8 June 2011.

Revision of Defective Accounts

This factsheet offers practical guidance on the rules to follow when dealing with voluntary revisions to defective accounts and reports. Date published: 7 December 2010 (updated: March 2014).