Restating accounts for a start-up and treatment of IP

Restating accounts for a start-up and treatment...

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We have had a nightmare with our bookkeper and have just realised for the past 4 years have not been reporting our accounts properly for a number of reasons, the chief one being our IP.  We are getting everything rebuilt and restated from FY2010 onwards.  We are an IP heavy company and started up in 2005 but only trading from 2008.  All of the expenses early doors were in creating our IP asset (copyrighted materials and technology).  The total is probably around £150k pre 2010 but substantially more since then (probably circa £500k).  We recently had a proper valuation from A recognnised valuation firm who put the value in excess of £2m.  Please can anyone tell me how we would treat these expenses in the restate and are we able to capitalise any of this on the balance sheet?

Thank you.

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By johngroganjga
25th Jun 2014 19:38

Why don't you ask your accountant?

And by the way it is unfair to blame your book-keeper for your accounts being wrong. That problem is solely the fault of the person who prepared the accounts from the records written up by the book-keeper. Who was that?

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Replying to Tax Dragon:
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By Justin74
25th Jun 2014 19:48

Thanks for the reply john. My understanding was that this was a forum where accountants provided some advice to businesses with accounting issues. Apologies if I misunderstood.

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By johngroganjga
25th Jun 2014 19:58

It's a forum for accountants to discuss professional issues with each other. But that did not affect my response, which set out the best advice I could think of in the circumstances - namely that this is an issue for your own accountant. Of course if your own accountant is the one responsible for what you believe are errors in your accounts, your reluctance to discuss the solution with them is understandable. But the proper course is to replace them not to try and go it alone.

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