Abbreviated accounts, formerly known as modified accounts, are simplified financial statements that small companies in certain jurisdictions can file instead of full statutory accounts.
Non-statutory accounts are financial statements issued by a company that do not form part of the statutory annual accounts required by law. These accounts are often reported in the media and are accompanied by a statement clarifying their non-statutory nature.
A Profit and Loss Account is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, leading to a company's net profit or loss.
Statutory accounts are mandatory financial statements that companies must prepare and file annually according to the legal requirements set by governing bodies, such as the Companies Act.
