UK Stock valuation

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hi,
A client of mine has always put the stock value in at resale value. Which I know is wrong, but how do I rectify without making accounts looking odd (and convince my client is correct way to do it!)
 

Truemanbrown

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If material, the way to do it is by doing prior year adjustments and putting the opening figures into the accounts.

Obviously, you will include a full prior year adjustment making a full explanation of the adjustment plus the tax affects of the adjustment.

Given that the resale will normally be higher than the correct value (lower of cost and NRV) then it is likely that there will be a tax refund coming your client's way. That should make him happy.
 

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