Limited company accounts - able to change prior year?

[symo_spurs]

During the audit for this year (December 2008) it has come to light that some costs truly relating to the period ending December 2007 were not accounted for in the 2007 statutory accounts. It is a considerable amount, is there any accounting rule that means that the 2007 statutory accounts can be adjusted to reflect these costs rather than them impact on the 2008 statutory accounts? If so, how is this done? Is it as simple as adjusting the 2007 comparatives when compiling the 2008 accounts?

Thanks

[The Master]

you use the term audit......


if you had the company audited, presumably thwy would have matched the expenditure to the prior years, so hence no need to ask here, as the auditorzs would have restated the 2007 accounts quietly and not wanted to be CAUGHT OUT.

I assume what you mean is that thew accountant s verified financial statements based on the information and explanations supplied to them, but ultimately you yourself discovered big irregularities.

Before the accounting clique come down on me like a ton of horse manure, I would suggest you get your exisiting accountants to ask for a revised return based on error.

?And when the accounting clique do come down and make judgement , remember you know as much as I do, which is diddley squat, so better stay quiet :)