We have come across a golf club which takes depreciation directly to reserves. Members joining fees are also taken to reserves.
I would appreciate hearing from anyone who prepares golf club accounts to find out if the above is typical for golf clubs.
The club exists for the benefit of it's members. Are there specific accounting principles that should apply to them?
Replies (6)
Please login or register to join the discussion.
i think we need slightly more information
are you saying that there is no charge in the income and expenditure account and that the FA go down by the annual depn charge and the resrevs down by the same amount
Golf club accounts
I do three, there's no special provisions, but some have strange idea's re presentation. I think it's because the treasurers are usually retired accountants! LOL
What is the underlying entity?
If it is a company (Gtee or shares) then companies acts apply
If it is an Industrial & Provident Society (or a Friendly Society) then specific rules apply and best to borrow the book from the Institute library.
If it is an unincorporated association then its Liberty Hall.
BUT if you are qualified then you will be obliged to follow GAAP if you are preparing them or on the Committe.