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Restating the prior year's figures in a set of accounts is sometimes necessary. Silverfin makes this process easy by allowing you to specify which primary statements need restating. This guide will walk you through the steps and answer common questions.
Table of contents
Where do I mark prior-year accounts as restated?
- Open the "General settings" template.
- Look for the "Prior year accounts restated?" field near the top of the template and choose "Yes".
- Select which of the statements have been restated. The options available are:
- Profit and Loss Account
- Statement of Comprehensive Income
- Balance Sheet
- Statement of Changes in Equity
- Statement of Cash Flows
Note: These are the only statements that will have "restated" in the header. "Restated" will not be added to the detail profit and loss account or other notes.
How do I know if it has worked?
Once you make your selection, the disclosure impacts on the financial statements will be evident. You'll notice the following changes:
- All options activate an additional note called prior year adjustment where the reasons for the restatement and details of what has been restated can be added:
- For the selected primary statements the prior year information will have a header of restated and a link to the note.
By following these steps, you can effectively prepare restated accounts in Silverfin. If you have further questions or encounter issues, feel free to contact support for assistance.