Accounts and financial statements under CAMA 2020: sections 374 to 400
Chapter 14 covers accounting records, annual accounts, the directors’ report and the small company rules.
Chapter 14 of Part B has 27 sections. Every section is listed below with its title.
Guides in this chapter
- Publishing financial statements under CAMA 2020: full, abridged and the auditors’ reportSections 398 to 400 say what must accompany financial statements when a company publishes them.ss. 398-400
- Accounting records, annual accounts and the directors’ report under CAMA 2020Sections 374 to 392 cover the records a company must keep, the annual accounts and directors’ report, group accounts and when they must be sent and filed.ss. 374-392
- What counts as a small company in Nigeria under CAMA 2020?Section 394 sets the tests for a small company. Here are the limits, how the test runs year to year, and what small status changes.ss. 393-397
Key rules in this chapter
- A small company has turnover of at most ₦120,000,000, net assets of at most ₦60,000,000, and directors holding at least 51% (section 394).
- Accounting records are kept for six years (section 375).
- Financial statements must reach members at least 21 days before the meeting (section 387).
Previous: Chapter 13: Minority protection and investigationsNext: Chapter 15: Audit
Source: the Companies and Allied Matters Act 2020 as published in the Official Gazette.