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Disclosures on the balance sheet

Article ID
ias-12201
Article Name
Disclosures on the balance sheet
Created Date
11th December 2015
Product
IRIS Accounts Production
Problem
Producing a Balance Sheet for 'different' clients and getting 'different disclosures'
Resolution
There are 4 standard disclosures that could appear on the balance sheet when running report LTD: 1) The company is entitled to exemption from audit under Section 249A(1) of the Companies Act 1985 for the year ended 31 March 2008. 2) The members’ have not required the company to obtain an audit of its financial statements for the year ended period ended 31 March 2008 in accordance with Section 249B(2) of the Companies Act 1985. 3) The director acknowledges his responsibilities for: (a) ensuring that the company keeps accounting records which comply with Section 221 of the Companies Act 1985 and (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Section 226 and which otherwise comply with the requirements of the Companies Act 1985 relating to financial statements, so far as applicable to the company. 4) These financial statements have been prepared in accordance with the special provisions of Part VII of the Companies Act 1985 relating to small companies and with the Financial Reporting Standard for Smaller Entities. These disclosures will appear in the following situations: Small Company – Audit Report – Disclosure 4 will be shown Small Company – Accountants Report – Disclosure 1, 2, 3 & 4 will be shown Medium or Large Company – Audit Report – No disclosures will be shown Medium or Large Company – Accountants Report – Disclosures 1,2 & 3

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