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Calculation of net worth |
See Also
Expense analysis | Profit and loss account / Income statement (D schedule) | Supporting B/S for net worth
Select from the following headings:
Background | Developing the schedule | Completing the Schedule | Standard Sub-Schedules | Carry Forward | Related Errors
This schedule is available for periods ending on or after 1 April 1997. The purpose of the schedule is to calculate the movement between the opening and closing reserves, translated at the opening and closing exchange rates.
The schedule is developed from the D schedule.
Closing balance
This may be either entered manually or transferred from the Supporting B/S for net worth schedule.
Note: for accounting periods ending before 1 April 1997, the supporting schedule will not be available.
Opening balance
This will be completed automatically where a new period is built; alternatively if the schedule is used for the first time, the cell should be completed manually.
Total movement
This is derived by the system.
Adjustments
Adjustments should be made for any items included in reserves which are "below" the profit before tax amount, e.g. taxation, dividends etc. The resulting movement in net worth, which is to be used as the profit before tax basis for the computation, will be checked in the software to the D schedule profit before tax line.
The difference between these amounts is equivalent to the currency translation difference. This amount should be entered as a line on the D schedule, and an Expense analysis schedule developed to show the allowable and disallowable elements of this amount.
Note: the profit and loss schedule must be presented in sterling equivalent.
Entering exchange rates
The user is required to format the currency column to the appropriate currency, and enter any exchange rates required in the software exchange rate syntax, e.g. @$1.634.
This schedule has one standard sub-schedule - the supporting balance sheet for net worth.
The software will carry forward the closing balances for both the reserves and the exchange rate appropriate to the following period.
© 2009 Thomson Reuters.