Question on accounts

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Barry
Barry Registered Posts: 101 Dedicated contributor 🦉
in General accounting discussion
We have just taken on a new client that is a small limited company with turnover of around £70k. The new client isn't happy with his bill for 2011 accounts and some dubious tax advice given. The old accountant charged £3,000 for accounts and corporation tax and £700 for the tax bill which I think is excessive to say the least.

The thing is we have his 2011 accounts and they don't have the previous years figures on them as well. The outgoing firm is saying that you do not need to show the previous years accounts with the current year but we do this at our firm. Is the old accountant correct? Is there anyone that can tell me where it says you must present the current year and previous years on the same accounts.

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  • jamesm96
    jamesm96 Registered Posts: 523
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    Hi Barry,

    I'd take a look at the FRSSE (here: http://www.frc.org.uk/documents/pagemanager/asb/FRSSE/FRSSE%20Web%20optimized%20FINAL.pdf)

    And look at Section B - Statement of standard accounting practice, paragraph 2.23 (page 22) which says: "Corresponding amounts for the previous accounting period shall be shown for every item disclosed in the balance sheet, profit and loss account and notes to the financial statements..."

    I've worked in accountancy for a decade and I've never seen a limited company which doesn't state its comparatives except in the first year of trading.

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