Support topics - VT Final Accounts

Changes to the templates made in the May 2007 edition

Directors report
The requirement to disclose the directors’ interests in the share capital of the company has been repealed for directors’ reports approved on or after 6 April 2007. This change is part of the implementation of the Companies Act 2006.

Chartered Accountants Assurance Report
The reports section in the Workbook Properties dialog for a small company now includes an option for a Chartered Accountants' Assurance report. This option is also available retrospectively for workbooks created in earlier editions.

Accounting policies
The turnover accounting policy in the company templates had been modified to accord with UITF 40 re revenue recognition.

Financial Reporting Standard For Smaller Entities
References to the Financial Reporting Standard for Smaller Entities  have been updated from effective January 2005 to effective January 2007. No other changes to the templates were necessary in respect of the new FRSSE. Paragraph 19.1 of the new FRSSE allows earlier adoption, and so the words effective January 2007 are valid for all accounting periods.