The Government decided in summer 2010 that it would not introduce regulations about the accounting for leaseholders’ service charge monies.
ARMA, the Institute of Chartered Accountants for England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA) and the Royal Institution of Chartered Surveyors (RICS) cooperated to issue joint guidance on accounting for service charges.
Covering Topics
Overview
Summary of Best Practice
Bank Accounts for Holding Service Charge Monies
Deficits, Loans and Overdrafts
Annual Statements of Account for Service
Annual Statements of Account for Landlords and RMCs as Submitted to Companies House
Audit, Certification or Accountant's Report
Qualifications and independence of Accountants
Timescale for Annual Statements of Account for Service Charges (S.20b)
S21 Statements
Further Information
Resource
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