Opening and Closing necessity in any jurisdiction

[David Carlson]

On 12/21/2014 11:36 AM, Wm wrote:
>
> As far as I know the opening, closing and re-opening of accounts on an
> annual basis isn't a formal requirement anywhere.
>
> If I am wrong I'd like to know as I think it disagrees with
> international accounting principles which mainly say you should report
> honestly and that may involve restating previous periods.
>
> gnc's natural, ever running, is natural to me from an accounting pov
> but clearly an anathema to others, is the notion of running accounts
> indefinitely and reporting honestly actually illegal anywhere ?
>
> I wouldn't ask except some people suggest accounts must be closed
> where they live but when questioned about details they tend to say,
> "well, actually ..."
>
> So, is there anywhere in the world where accounts must be closed and
> opened each year?  I think the answer is no but I'm curious to find
> out if I'm wrong.
>

So, can you cite relevant requirements in FRS100, FRS101 and FRS102 to
substantiate your claims in the UK, or other standards elsewhere?

David C