Have a new client where the previous accountants had got the share capital amounts wrong and had included £50k of share premium as loans.
I'm used to PYAs where the impact is on retained earnings but first practical example of a classification error.
However, what example disclosure should I include for this reclassification and should the comparatives be restated?
thanks in advance
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Yes you restate the comparatives and put "as restated" at the top of the balance sheet column.