FRS 105 Restatement note

Do I need a restatement note for a prior year adjustment under FRS 105?

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Do I need to include a prior year adjustment/restatement note for accounts prepared under FRS 105 basis, please? 'Restated' has already been added to the prior year P&l and the balance sheet headers.

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By kevin.robins
31st Aug 2023 18:17

I say strictly no. Just amending the headers is fine but when a PYA does happen I do tend to add a one line explanation - normally in the company information note as our software makes it difficult to add a new separate note and if I do it throws the pages out and I end up with just the signature on a separate page. Something like “prior year figures for the balance sheet/profit and loss account have been restated due to changes in accounting policies/reclassification of expenses/an error discovered some the prior years accounts were approved”

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