Companies Act 2006

Voluntary revision

454 Voluntary revision of accounts etc

(1) If it appears to the directors of a company that—

(a) the company’s annual accounts,

(b) the directors' remuneration report or the directors' report, or

(c) a summary financial statement of the company,

did not comply with the requirements of this Act (or, where applicable, of Article 4 of the IAS Regulation), they may prepare revised accounts or a revised report or statement.

(2) Where copies of the previous accounts or report have been sent out to members, delivered to the registrar or (in the case of a public company) laid before the company in general meeting, the revisions must be confined to—

(a) the correction of those respects in which the previous accounts or report did not comply with the requirements of this Act (or, where applicable, of Article 4 of the IAS Regulation), and

(b) the making of any necessary consequential alterations.

(3) The Secretary of State may make provision by regulations as to the application of the provisions of this Act in relation to—

(a) revised annual accounts,

(b) a revised directors' remuneration report or directors' report, or

(c) a revised summary financial statement.

(4) The regulations may, in particular—

(a) make different provision according to whether the previous accounts, report or statement are replaced or are supplemented by a document indicating the corrections to be made;

(b) make provision with respect to the functions of the company’s auditor in relation to the revised accounts, report or statement;

(c) require the directors to take such steps as may be specified in the regulations where the previous accounts or report have been—

(i) sent out to members and others under section 423,

(ii) laid before the company in general meeting, or

(iii) delivered to the registrar,

or where a summary financial statement containing information derived from the previous accounts or report has been sent to members under section 426;

(d) apply the provisions of this Act (including those creating criminal offences) subject to such additions, exceptions and modifications as are specified in the regulations.

(5) Regulations under this section are subject to negative resolution procedure.