Opening and Closing necessity in any jurisdiction

[David Carlson]

On 12/21/2014 1:23 PM, Wm wrote:
> Sun, 21 Dec 2014 12:57:13 <54971809.3020801 at gmail.com>  David Carlson
> <david.carlson.417 at gmail.com>
>
>> 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?
>
> there is no need for me to do anything
>
> if you are certain any of the UK FRS actually say books *must* be
> closed and opened just point me to the relevant bit.
>
> I think you'll find you can't do it because there is no such requirement.
>
> I understand this is difficult for some people to get their head
> around. What I am saying is that if someone as well educated as
> yourself thinks that there is a UK FRS requirement that doesn't
> actually exist then who is correct ?
>

My point was intended to be that you are painting with a very broad
brush to declare that nobody needs to close their books at the end of
their accounting year.  It is not wise to make declarations that you
cannot back up by citing facts if challenged.  So far you have refused
to cite any reference whatsoever.

David C