Afternoon all. I am preparing my first set of micro accounts for a company with 31/12/16 year end. I only have 2 amendments to make to the 2015 comparatives, which I am pretty confident in doing. Am I right in my understanding that, as the 1/1/16 b/f reserves figure also needs a consistent comparative, it then follows that - the 1/1/15 reserves brought forward will also need to be amended? So in effect, I will need to amend the 31/12/14 reserves for the 1/1/15 b.f figure, then also the 2015 figures? Many thanks
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Yes you do have to restate at 1/1/15. This is advice from 3 Mercia courses I've been on plus the institute technical team webinar!
I think we all agree you need to restate the comparatives. But where would the reserves b/f figure for the comparative year appear in the accounts?
I'm confused on that point.
Which of the two notes? Is it in the advances to directors note, or in the commitments, guarantees and contingencies note?
Actually, you're right - you don't need the note any more. You just need the opening balance to recalculate and restate the tax charge in the P+L.