Frequently asked questions: Technical

The Technical Advisory Services has identified a number of FAQs and prepared possible responses, outlining points to consider and identifying relevant guidance and other sources of information.

If you cannot find the answer to your specific question in the FAQs please contact the helpline on +44 (0)1908 248 250.

Accountancy

• Preference Shares – Equity or Liability
  Helpsheet simplifying the issues addressed in FRS 25 and the FRSSE relating to the presentation of preference shares in accounts.

• Adopting an accounting policy on non-depreciation for tangible fixed assets
  Helpsheet regarding the possibility of adopting an accounting policy of non-depreciation for a tangible fixed asset. Technical Enquiries Service, October 2009.

• Foreign currency translation
  Helpsheet regarding UK companies carrying out transactions in foreign currencies. Technical Enquiries Service, January 2010.

• Hive up accounting
  Helpsheet addressing the accounting issues associated with ‘hive up’ accounting. Technical Enquiries Service, July 2011.

Audit

• Unaudited overseas subsidiary 
  Responsibilities of the auditor of the consolidated financial statements for an unaudited subsidiary
  
• Which auditor's report should I use for financial statements?
  This helpsheet sets out the appropriate auditor’s reports to use for the audit of financial statements for most common types of entities across recent accounting periods. Technical Enquiries Service, November 2011.
  
• How to apply "net" and "gross" criteria when determining audit exemption
  How to apply the “net” and “gross” criteria when determining the size of a group and audit exemption criteria under the Companies Act 2006. Technical Enquiries Service, June 2011.

• Are all small companies audit exempt?
  Helpsheet regarding audit exemption for small companies. Technical Enquiries Service, February 2011.

• Access to information by successor auditors
  Helpsheet regarding auditors' rights to access information from the auditors resigning. Technical Enquiries Service, July 2009.

Company Law

• When can a subsidiary be excluded from consolidation?
  Flowchart to help decide in what circumstances a subsidiary can be excluded from consolidation.

• Signature requirements for companies
  Which documents in respect of a company’s annual accounts require directors’ or auditors’ signatures for accounts, filing and publication purposes. Technical Enquiries Service, January 2012.

• Small group filing requirements
  Helpsheet regarding account filing requirements for small group parent companies at Companies House. Technical Enquiries Service, April 2011.

• What have been the changes to the rules relating to overseas companies?
  Helpsheet regarding changes to rules relating to overseas companies. Technical Enquiries Service, September 2010.

• Group companies' audit exemption under Companies Act 2006
  Helpsheet regarding audit exemption for UK companies that are subsidiaries of a holding company incorporated overseas. Technical Enquiries Service, June 2010.

• What should be included in the balance sheet statement claiming small company exemptions
  Helpsheet regarding what should be included in the balance sheet statement when claiming small company exemptions. Technical Enquiries Service, March 2010.

• What are the requirements for accounts delivered to Companies House from October 2009?
  Helpsheet regarding the new requirements for accounts delivered to Companies House. Technical Enquiries Service, October 2009.

• Definition of ineligible groups under the Companies Act 2006
  Helpsheet which considers the definition of ineligible groups under the Companies Act.

• Directors' transactions and disclosures under the Companies Act 2006
  Helpsheet regarding directors' transactions and disclosures under Companies Act 2006. Technical Enquiries Service, July 2010.

• Statement of high net worth individuals under article 4 of Consumer Credit Exempt Agreement Order 2007
  Helpsheet regarding statements of high net worth for an individual, under article 4 of the Consumer Credit (Exempt Agreements) order 2007. Technical Enquiries Service, April 2009.

Money Laundering

• Anti-money laundering registration
  Helpsheet regarding the registration and supervisory requirements set out by the Money Laundering Regulations 2007. Technical Enquiries Service, November 2010.

• Money laundering: the difference between low risk and simplified due diligence
  Helpsheet regarding the difference between the terms ‘low risk’ and ‘simplified due diligence’ money laundering procedures. Technical Enquiries Service, July 2009.