Consultation: Proposed guidance and expectations for keeping proper accounting records

February 2023 

We have now published our guidance and expectations for keeping proper accounting records, along with a submissions report containing a summary of key themes and compilation of responses to the consultation (see resulting documents above). We would like to thank all submitters for their feedback.  

October 2022 

The objective of financial statements is to provide financial information that is useful to investors and other users in making decisions about providing resources to an entity. Financial statements must be supported by proper accounting records to provide evidence that they comply with financial reporting requirements, including applicable accounting standards.

This consultation seeks input from FMC reporting entities and other interested parties on proposed guidance to help reporting entities to meet their statutory requirement to keep proper accounting records at all times.

Submissions will be used to help refine our proposed guidance, which will set out key principles for keeping proper accounting records, along with specific considerations and evidence required for making judgements and estimates when preparing financial statements.