Reclassify a Fixed Asset

AndreaMc

Hi

I have a new client who’s previous accountant had classified all assets under office equipment on the annual accounts.

However our software will not allow this categorisation/ title of a fixed asset, so as i have a fixed asset register I need to change the ‘office equipment’ to be split appropriately under FA computer equipment and FA fixtures and fittings. Am I allowed to change the fixed asset title on this years annual set of accounts?

Thanks

MarieNoelle

Is the client a sole trader or Ltd company?
For Ltd co accounts filed as micro entity it won't affect the comparatives on the BS. You may need to change prior year comparatives in the notes for FRS102.