The directors must not approve accounts unless satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss (section 393); must prepare individual accounts for each financial year (section 394, with exemptions for dormant subsidiaries under sections 394A to 394C) as Companies Act accounts or IAS accounts (sections 395 to 397) complying with the regulations and the applicable accounting standards (with the micro-entity, small, medium and large regimes and their thresholds in sections 381 to 384B and 465 to 467); a parent company must prepare group accounts unless exempt as a small group or a subsidiary of an EEA or non-EEA parent as sections 399 to 402 provide; and the annual accounts must be approved by the board and signed on the balance sheet by a director, with the required statements for small and micro-entity accounts (section 414). Approving defective accounts is an offence (section 414(4), (5)).
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