Summary judgment: case not yet proven

Article Abstract:

A statutory instrument that came into force on 1 April 1990 allows large UK companies the luxury of issuing summary financial statements (SFSs), while smaller companies must maintain full disclosure. Large companies are allowed to issue SFSs under the proviso that they inform shareholders that full financial statements are available upon request. The experience of UK building societies, allowed to issue SFSs under the Building Societies Act of 1986, illustrates the fact that requests for full financial reports are not numerous, and that SFSs will therefore represent the sum total of financial disclosure for the majority of shareholders. SFSs are not intended to give a fair and true picture of a company and therefore should be dealt with by a statement of recommended practice as some stricter regulation is necessary.

Management, Financial statements, Corporation reports, Company reports

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Statement 20 - Insolvency Practice

Article Abstract:

The text of the Institute of Chartered Accountants in England and Wales' Statement 20 - Insolvency Practice is presented.

Laws, regulations and rules, Institute of Chartered Accountants in England and Wales, Bankruptcy

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