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Submitted FRS 102 S1a accounts error

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My client has produced FRS 102 S1a accounts as they are part of a group. 

The submitted accounts reflects the Net assets correctly, but the split between assets/liabilities is incorrect and not how it was made up in the group accounts. 

Does it need to be amended, or so long as the net assets are correct it is ok? Thanks 

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By Duggimon
14th May 2020 13:45

I think I would assess based on materiality/practicality. What's the nature and extent of the mistake?

If it's £100 in accruals for a bill that was already paid cash I wouldn't give two hoots but there's no doubt some circumstances where a change would be appropriate.

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By Balboa120
14th May 2020 15:02

We have included a VAT balance is current debtors instead of current liabilities. So the Net Assets figure is correct, but in isolation the current assets and creditors falling within one year do not match the group consol figures?

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By paul.benny
14th May 2020 14:36

Where do the differences arise? In the consolidated accounts, any intra-group items net out, and there may be other presentational differences.

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By Balboa120
14th May 2020 15:03

It is a presentational error - VAT has been included in debtors, instead of creditors. The net current assets figure remains the correct, but in isolation, the current assets and creditors falling due within one year and different to the group accounts..

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