Section 217: Meaning of “financial statements” and “group financial statements”

217. Meaning of “financial statements” and “group financial statements” (1) In this Act, “financial statements”, in relation to a company and its balance sheet date, means— (a) a balance sheet for the company as at the balance sheet date; and (b) an income statement which shall— (i) in the case of a company trading for profit, be a profit and loss statement for the company in relation to the accounting period ending at the balance sheet date; and (ii) in the case of a company not trading for profit, be an income and expenditure statement for the company in relation to the accounting period ending at the balance sheet date, together with any notes or documents giving information relating to the balance sheet or income statement, including a statement of accounting policies C35 – 133 [Issue 1] Companies Act (2) The financial statements shall, in the case of companies which are required to comply with the International Accounting Standards, also include— (a) a statement of changes in equity between its last 2 balance sheet dates; and (b) a cash flow statement. (3) In this Act, the term “group financial statements”, in relation to a group and its balance sheet date, means— (a) a consolidated balance sheet for the group as at that balance sheet date, and (b) a consolidated income statement as described in section 217 (1) (b), together with any notes or documents giving information relating to the balance sheet or income statement including a statement of accounting policies. (4) The group financial statements shall, in the case of companies which are required to comply with the International Accounting Standards, also include— (a) a consolidated statement of changes in equity between the last 2 balance sheet dates; and (b) a consolidated cash flow statement. Sub-Part E – Disclosure to Shareholders