FRS105 comparisons

will balances b/f at 1/1/15 also need to be amended?

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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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By mabzden
12th Apr 2017 14:11

No, you don't need to restate the P and L brought forward figure in the comparatives.

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RLI
By lionofludesch
12th Apr 2017 16:33

Yes, you need to restate the comparatives.

Afraid I disagree with mabzden.

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By muppet1903
12th Apr 2017 16:52

Thanks both for the answers - I had wondered about this, as looking at discussions on Aweb etc, there seems to be a view to not change the b/f 1/1/15 figures, contrary to 2 of the tolleys courses I have been on, who said that the 1/1/15 figure would be changed in this scenario.

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By Ayesha Bham
12th Apr 2017 19:53

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!

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By mabzden
12th Apr 2017 20:52

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.

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Replying to mabzden:
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By lionofludesch
12th Apr 2017 21:48

In the notes.

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Replying to lionofludesch:
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By mabzden
13th Apr 2017 10:35

Which of the two notes? Is it in the advances to directors note, or in the commitments, guarantees and contingencies note?

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Replying to mabzden:
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By lionofludesch
13th Apr 2017 10:44

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.

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Replying to lionofludesch:
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By mabzden
13th Apr 2017 11:10

Lino, you're about as much help on FRS 105 as you are on MTD...

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Replying to mabzden:
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By lionofludesch
13th Apr 2017 11:36

Doh!!

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