Accounts are required to be prepared in accordance with generally accepted accounting principles and should show a true and fair view of the company's profit and loss and balance sheet. UK Statements of Standard Accounting Practice, Financial Reporting Standards and International Accounting Standards are observed by the accountancy profession in the Island as referred to in the Jersey Statements of Standard Accounting Practice.

There are statutory requirements for the audit of public companies, banks, investment schemes and scheme managers. Private companies do not have to be audited unless required by their Articles of Association or by a resolution of the members. The accounts of a public company are required to be completed within seven months of the year end and for a private company within ten months of the year end. A public company's accounts must be made available to the public and filed with the Registrar.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

For further information contact Jonathan G. Hooley on Tel (indirect line): + 44 (0) 1481 721000, Tel (direct line): +44 (0) 1481 719544, Fax: +44 (0) 1481 722373.