Posting anonymous as I've previously posted on this and me / my client could be identified which I'd like to avoid.
I've got a new client.
The company sold it's property to a holding company in the previous year but it wasn't included in the accounts.
The situation is. The year end was November 2019. The sale went through on 25/11/2019 but the client received paperwork in December 2019, didn't read it and assumed the sale was December 2019. The previous accountants prepared accounts on this basis. I've seen the paperwork and it's definetely November 2019 so it should have been in last years accounts that have been filed
The property was sold for £430,000 so it's definetely material so the balance sheet last year wouldn't show a true and fair view.
I think amended accounts are needed. Would you agree or would a PYA suffice?