Define: Abridged Accounts

UK Accounting Glossary

Definition: Abridged Accounts

Quick Summary

Abridged accounts are general purpose financial statements intended for both company members and publication.   

What is the dictionary definition of Abridged Accounts?

Dictionary Definition

Under the EU Accounting Directive (2014), Abridged Accounts are a simplified form of annual accounts that in certain circumstances may be filed by an entity qualifying as a small company. The new rules allows certain, detailed types of financial information to be excluded from both a company’s balance sheet (statement of financial position) and the profit and loss account (income statement), but only in the event that’s been unanimously agreed upon by shareholders.

In the UK the new regime applies to financial period beginning on or after the 1st January 2016.

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