Decimal in financial statements

luiggi

Hi all,
I am preparing financial statements for a small limited company to be filed with CRO. I include decimals in the balance sheet values but I have seen that other filers just round up those values. Is it correct to include decimals values on the balance sheet for CRO?

Many thanks

ari101

I imagine the accounting standards you prepare your statements under might infer it is better to round... but that is arguably a subjective interpretation of the general principles :-)

That is, including decimals can clutter pages, makes them harder to read, understand, compare, etc. without being materially relevant, which can be argued to go against those lovely general principles...

If you've got some signed printed accounts all ready for the CRO, I doubt they will take issue, but if not I'd clean them up unless by some minute chance it materially changes your numbers.

ebbsy

Round them up.

wally1990

We always round when preparing the statements

lakill Farm

ebbsy wrote: »

Round them up.

is rounding not where 1c - 49c you round down
50c - 99c you round up?

onlinepal100

Narrow definition of rounding Yes!

Look at the Financial Statements of larger PLCs they will generally round to '000s or even 'ms or even 'bns depending on the size of the company.