Our business is very much a weekly cycle, social housing . I am considering a proposal to make our accounting year 52 weeks (with 53 weeks every 4 years) to ensure that our internal management control and performance indicators, regulator performance indicators and our annual reports are consistent.
I have known, in the past , companies with year ends that are not a fixed calendar date and were in line with business cycles.
I would appreciate any comments and observations including examples of companies that have variable year end close dates.
Bob M
Robert Marshall
Replies (3)
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no problem
Company Law allows you to make up accounts to a date within 7 days (either side) of your company's accounting reference date.
Performance Indicators Needed
HI,
Bob, I am Rehan and doing my practical training as well as my CIMA exams.
As you mentioned that you reports which i presumably shows KPIs or Regulator's Performance Indicators, is it possible i could have a dummy report or Some example of Performance Indicators as how it is done.
I want to polish my management accounting skills.
If possible ,please could you e-mail me ,i would really really appreciate .
[email protected].
Kind Regards
Rehan.
Retailers
Quite a few retailers, e.g. Tesco, operate on a 52 week year, making it up I guess every few years with a 53 week year, so that they remain within the 7 days of the accounting reference date.
They do it as the odd number of weekends distorts comparisons (and also they have a February year-end to avoid distortions around Christmas and Easter).