Disclosure requirements small company

Disclosure requirements small company

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The updated version states:

Transactions with directors

As directors' share interests are no longer shown in the directors' report, these amounts cannot otherwise be deduced from the annual report [and must be shown in the statutory notes].

This doesn't seem to agree with FRS8 or FRSSE 2008.

Am I missing something?

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Euan's picture
By Euan MacLennan
15th Oct 2014 15:04

It refers to dividends

Before the removal of the disclosure of the directors' share interests in the Directors' Report, it was possible to deduce the dividends paid to each director by applying their share to the total dividends disclosed in the accounts (probably at the bottom of the P&L).  The sloppy thinking used to be that this satisfied the Related Party Transaction disclosure requirements in the FRSSE.

However, when directors' shares were no longer stated, it was realised that dividends to directors should always have been disclosed in the RPT note in the accounts - hence, the comment you have quoted.

 

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By imbs
15th Oct 2014 15:46

no need to disclose dividends in abbreviated accounts

isn't this correct?  You only have to disclose loans in abbrev accounts?

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By RFL H
15th Oct 2014 15:58

Agreed


There is no need to disclose the dividends in the Abbreviated accounts.

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Replying to DJKL:
Euan's picture
By Euan MacLennan
15th Oct 2014 17:59

Because ...

RFL H wrote:

There is no need to disclose the dividends in the Abbreviated accounts.

Because abbreviated accounts are not prepared in accordance with the FRSSE.

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By StuartJones
16th Oct 2014 09:24

Thank you for the answers

I presume I have to list details for each director. Next set of accounts has five directors! More narrative notes!

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