What are the minimum accounting policy disclosures for a Community Interest Company that have to be listed to meet FRS 102.
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The minimum disclosures would be those laid down as mandatory by the Companies Act. The chances are that you would need more than that, but that's the best that can be done with the information provided (or not provided).
What makes you think they would be any different from any other set of accounts?
As has already been mentioned without any information about the CIC its nigh on impossible to provide a comprehensive answer.
Thank you for your response.
The CIC is less than £500,000 of sales and not subject to any audit.
The reason for the question is that as part of the accounting disclosures VT includes foreign currency, leased assets and pension items when there are none.
Thus, if these are removed in the accounts does this contravene any formal reporting laws. I am particularly mindful that FRS 102 is tending towards brevity as a minimum.
Any help would be appreciated.
As you say go for brevity and remove any policies not relevant. However, bear in mind brevity doesn't mean boiler plate.
Strange that your software generates accounting policies that aren't relevant. Possibly a coding error on the TB? That's my experience with other software.
Hi Tim
Thank you for your response.
The accounting disclosures do include notes on
Basis of preparation, Intangible FA, Tangible FA, Investments, Stocks, Debtors, Creditors, Taxation, Provisions. There are additional notes in this section for Foreign Currency, Leased Assets and Pensions that we would like to remove on the clients request. Hence the original question.
Hi Tim
Thank you for your response.
The accounting disclosures do include notes on
Basis of preparation, Intangible FA, Tangible FA, Investments, Stocks, Debtors, Creditors, Taxation, Provisions. There are additional notes in this section for Foreign Currency, Leased Assets and Pensions that we would like to remove on the clients request. Hence the original question.
Do you just have this problem with CICs or is it the same with run of the mill, vanilla flavoured companies ?
Why would you need policies for things not relevant to the company ?
Just in case ?