Skip to content
  • There are no suggestions because the search field is empty.

Restatement of Accounts

 Restate Accounts

Restating accounts is a process required when there are changes to prior-year values in the AGAR. Follow these steps:

1. Understand When Restatement is Needed

  • Changes to any AGAR box values compared to the prior year require a restatement.
  • Restatement must include an explanation of what changed and why (e.g., corrections, reclassifications).

2. Check the JPAG Practitioners' Guide

  • Refer to the 2024 Practitioners' Guide, Section 5.145, for official guidance.
  • This provides details on documenting changes and ensuring compliance.

3. Prepare for Restatement

  • Restatement will be included in your next AGAR submission (e.g., 2024/25 accounts).
  • Update the "left-hand side" of the AGAR (prior-year values) to reflect the restated figures.

4. Document Changes Clearly

  • Highlight which boxes are affected.
  • Provide a brief explanation for each change (e.g., correcting an error, adopting a new accounting method).

5. Consider Accounting Methods

  • If transitioning from Income & Expenditure (I&E) to Receipts & Payments (R&P):
    • Restate all relevant boxes, not just box 8.
    • Note differences in how VAT and adjustments are handled in each method.

6. Review and Submit

  • Ensure all restated figures match your supporting documentation (e.g., bank reconciliation).
  • Submit the updated AGAR with your explanation to the auditor.