Accounts Prep problems highlighted

peugeot

Hi,

I did an article for another, independent, accountancy forum and also for our own "in house" use. This article considers small Limited companies and the more common disclosure errors which are made by practitioners which can make the accounts either misleading or incorrect. I have come across a couple of situations with clients that prepare their own accounts, whereby they have missed out disclosures or made errors and companies house have rejected the accounts (which is obviously embarrassing for the preparer!!)

I've received some quite positive feedback about this article, so I decided to upload it on here so you guys can benefit from it (hopefully).

Your feedback would be gratefully received and will influence further articles that I may (or may not) write.

best wishes
Steve

whiterose

Very useful article indeed and food for thought - could you recommend who provides a good 'accounts disclosure checklist' service as mentioned at the end?

peugeot

I would recommend CCH Interactive Accounts Disclosure Checklist. They also produce a paper-based set of model accounts (FRSSE and non-FRSSE) which I think are quite helpful for practitioners who just simply do not have the time, nor the resources to devote to technical compliance issues. Subscriptions to CCH also provide updates for changes within accounting standards or when an exposure draft becomes a standard.

What I have done for our own purposes (certainly to help trainees) is to produce a model set of accounts for a FRSSE Limited company which I can upload. It sort of goes hand in hand with the article to illustrate the points I have discussed.

Best regards
Steve

JodieR

Thanks for that - very useful!

Gianni

I'm moving into practice from industry in a month, this article is excellent. It's definately one to add to my USB stick to refer to every now and again.

Steve, would you be able to upload those model set of accounts please?

peugeot

Hi Gianni,

I will upload these model accounts on Monday for you (or tomorrow evening if I've got access to them).

Thanks for your feedback.

Best regards
Steve

Wayneo157

Hi Steve,

I agree with Gianni, it is an excellent article and certainly one to keep referring to. It would also be excellent to have a model set of accounts. :thumbup1:

Best regards

Wayne

Dean

You know my thoughts on this Steve! Execellent, very well written!

This just goes to show the value of CPD and to prove that no matter how well you know something or how well you think you know something, any course you go on or article you read you will ALWAYS pick something useful up.

Regards

Dean

charlie m

Thanks for the article Steve, I thought that it was excellent.


Charlotte

msf

Steve, this is a very useful article. thanks for sharing.

Manaf

peugeot

thank you very much for your positive feedback. I really appreciate those comments. It makes it worthwhile when you write these articles and find that people benefit from them.

I will upload the model accounts for you all tonight.

Once again, thank you.

Kind regards
Steve

Julia Crouch

Hi Peugot

Thank you for passing on this invalable item.

Julia

peugeot

Thanks Julia. I have forgotten to bring the model accounts with me, so will try and load them tomorrow eve (Tuesday):001_wub:

claudialowe

Steve

I havent been here for a while, with ever so slightly more important things on my mind!!!! I have printed it off and promise to read it in Feb - as always a big thank you for your help.

Claudia

shaxxa

Steve
I too have printed it off and promise to read in february :001_smile:

Many thanks as always.

Sharon

peugeot

Hi all,

I'm afraid I won't be able to upload the model accounts I referred to in threads above.

Unfortunately, I have not been able to get permission to upload the model accounts I wrote on the basis that they are used for technical compliance advice which we charge out to certain clients.

Please accept my apologies for this.

Kind regards
Steve

Dean

That's a bummer Steve, I was poised with anticipation. I'm sure they would have complimented the article nicely.

Regards

Dean

beverly hudson

I have to say this article is excellent. I am a trainor for CPD courses for qualified accountants specialising in financial reporting and this article is one of, if not the, best I have come across and highlights exactly the problems faced by accountants in practice

Well done steve

Beverly.

Poodle

"To overcome failings there are various “Accounts Disclosure Checklists” which can be bought to help preparers of accounts make the right disclosures and avoid errors and ensure that the accounts they are preparing contain all the right disclosures where appropriate and also avoid “over-disclosure”. It is advisable to subscribe to company’s that provide the checklists and model accounts, which illustrate the relevant disclosures required. Often annual subscriptions to these types of outlets enable updates to be given if there are any changes within the Companies Acts or Financial Reporting Standards."

Hi Steve,

So where are they available from then?

Poodle

peugeot

Hi Beverly,

Thank you for your comments - they are gratefully received.

Hi Poodle,

CCH do some interactive disclosure checklists. Annual subscriptions can also include a paper-based version of the accounts checklists and model accounts for both FRSSE and non-FRSSE companies.

However, I do know that the Mercia Group have also launched their own accounts disclosure checklists and subscriptions start from £99 - so that may be worth looking at.

Kind regards
Steve

deanshepherd

I would also highly recommend Surebeck who produce a Guide to the Companies Acts priced at £37.95 inc p&p which includes a checklist of statutory requirements for private companies and specimen accounts.

They also produce an Annual Accounts Disclosure Checklist similarly priced at £37.95 inc p&p.

It is well worth having a copy of both.

Poodle

Thanx to you both.

beverly hudson

Steve

Will you be writing any other articles such as these?

Bev

peugeot

Not for AAT.

There are more of my articles at:

www.accountancystudents.co.uk


Kind regards
Steve