that more than two comparison dates be selected, although that lies within the discretion of the accountant. For the ‘short’ report, covering the remainder of the transitional accounting period, the reporting accountant will have to select at least two comparison dates.
The reporting accountant should endorse at the top of the extended report: ‘Extended report for the period ....... to ......., including the 1st part of the transitional accounting period’. The ‘short’ report should be endorsed: ‘Short report for the period ....... to ......., being the 2nd part of the transitional accounting period’.
Example: The firm implements the new rules on 1st May 2000, part way through its accounting period, which runs from 1st September to 31st August. The extended report (on the old form) will cover the 20-month period 1st September 1998 to 30th April 2000, to be delivered by 30th October 2000. The ‘short’ report (on the new form) will cover the four-month period 1st May 2000 to 31st August 2000, to be delivered by 28th February 2001.
July 1998, updated February 1999
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