Wednesday 5 November 2008

UK: ICAEW Technical Release 06/08: directors' duties and responsibilities regarding financial and accounting matters

The ICAEW has published a new technical release: number 06/08, titled "Guidance on directors' duties and responsibilities of a financial or accounting nature". In the introduction it is stated:

This statement was issued in October 2008 by the Institute of Chartered Accountants in England and Wales, principally concerning the main duties and responsibilities of a financial or accounting nature owed by directors to their company and its shareholders and others, but also including an overview of more general duties and responsibilities. It sets out, where appropriate, what is considered to be good practice rather than what may be acceptable as the legal minimum required. It is hoped that the statement will be useful to members acting as directors and to members generally in conveying to directors the extent of these responsibilities. It is stressed, however, that the statement is not intended to cover other aspects, however important, of a director’s position".

English counsel have confirmed that this statement is consistent with the English law as at 1 October 2008 had the 2006 Act been fully implemented as at that date".

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