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52 week Financial Year

Our business is very much a weekly cycle, social housing . I am considering a proposal to make our accounting year 52 weeks (with 53 weeks every 4 years) to ensure that our internal management control and performance indicators, regulator performance indicators and our annual reports are consistent.

I have known, in the past , companies with year ends that are not a fixed calendar date and were in line with business cycles.

I would appreciate any comments and observations including examples of companies that have variable year end close dates.

Bob M
Robert Marshall

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11th Jan 2007 13:23

no problem
Company Law allows you to make up accounts to a date within 7 days (either side) of your company's accounting reference date.

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By Rehan1
11th Jan 2007 22:14

Performance Indicators Needed

HI,

Bob, I am Rehan and doing my practical training as well as my CIMA exams.

As you mentioned that you reports which i presumably shows KPIs or Regulator's Performance Indicators, is it possible i could have a dummy report or Some example of Performance Indicators as how it is done.

I want to polish my management accounting skills.

If possible ,please could you e-mail me ,i would really really appreciate .
[email protected].


Kind Regards

Rehan.

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avatar
15th Jan 2007 10:22

Retailers
Quite a few retailers, e.g. Tesco, operate on a 52 week year, making it up I guess every few years with a 53 week year, so that they remain within the 7 days of the accounting reference date.

They do it as the odd number of weekends distorts comparisons (and also they have a February year-end to avoid distortions around Christmas and Easter).

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