Accounts - Standard wording, has it changed ?

[Daytona]

Just checking.
I've been using the same standard wording for years on my dormant company accounts - hope it's still valid.


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Audit Exemption Statement

For the year ending 31st March 2016 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.

Directors’ responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director on [date] and were signed by:




[name] - Director




The notes form part of these abbreviated accounts

Page 2

Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016


1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005).

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
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[PinkDalek]

See Chapter 8 onwards from page 28:

https://www.gov.uk/government/uploads/s ... r0.1-6.pdf

Section 480 seems still to be correct but I can't read the rest of your post on this machine!

[Daytona]

Thanks PinkDalek, so the balance sheet wording is correct. It doesn't give any information on the notes. Hopefully you can see this -

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2005).

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

[PinkDalek]

I can read before replying but when replying can't scroll down.

Anyway, ours (albeit non-dormant but professionally prepared) show (effective January 2015) after the FRSEE at the foot of the Balance Sheet, plus some blurb about exemption from audit under section 477 of the Companies Act relating to small companies.

The accounting policies repeat the mention of FRSEE (effective January 2015) and the historical cost convention as does yours.

It also states the financial statements are prepared in accordance with applicable UK Accounting Standards (UK Generally Accepted Accounting Practice). UK spelt out in full!

This is all changing for accounting periods commencing on or after January 2016 and might be explained below (again, I can't read the entirety on this old machine):

http://www.icaew.com/en/technical/finan ... ties-frsse