Preparing stat accounts for the first time and have to complete the representation forms for our directors. Am struggling slightly with the terminology on long term incentive schemes as we have both shares and cash - are the interests therefore either in shares or cash, and if they are shares do I have to show the value of these, or just the number?
Sara
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What is required?
I am not aware of any statutory requirement for directors' representation forms. Certainly, a director is required by s.233 CA 1985 to sign the balance sheet and if it is a small company, by s.246(8) to put his signature to the statement on the balance sheet claiming the exemptions. This is standard stuff which will be drafted automatically as part of the statutory accounts.
Or do you mean the letter of representation that accountants and particularly, auditors, require from the directors in connection with the accounts? If so, ask the accountants what they want the letter/forms to include.