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OG, the accounts would have been prepared in line with accounting policies, therefore if such a statement redarding the dispute was missing I would be concerned. FRS18 states the following regarding prudence:
Prudence and consistency, fundamental accounting concepts under SSAP 2, are still relevant under FRS 18. These two are now factors to be considered when assessing the appropriateness of an entity's accounting policies. Prudently prepared means that a degree of caution has been applied in exercising judgement and making the necessary estimates.
However, the application of prudence is restricted to situations where uncertainty is present, for example as regards existence of assets, liabilities, gains and losses, or at amounts at which they should be recognised. The following principles should be observed:
Accounting policies should take account of uncertainty in recognising and measuring items;
Conditions of uncertainty will require more confirmatory evidence;
Prudence should not be exercised where there is no uncertainty.
FRS 18 emphasises that prudence should not be used as a reason for creating hidden reserves, making excessive provisions, deliberately understating assets or gains, or deliberately overstating liabilities or losses.
I asked if they thought JW was fulfilling his role in ensuring the effectiveness of the BOD. Suggested he was failing on several counts particularly understanding shareholders needs. I wish I had taken a copy of the previous Corporate Governance statement as I am sure the updated one has changed quite a bit.
WBAFC for what it's worth I'm doing the same. I did buy some at 50p but have invested far more than I should have done and decided that would be my limit. It will be what it will be. If it gets back to my break even I will be selling 3/4 of my holding whatever. It has been a lesson!
It's a nightmare and still out there wreaking havoc. I have no taste or smell and haven't had for a few months. Course of steroids in case of sinus problems, MRI and ENT investigations have shown no cause so it's now down to long Covid. I had it last June unless I had it since with no symptoms. It's miserable and also makes life difficult for things you wouldn't even think about - thank heavens I'm not a chef. But probably a better option than my brother who suffers from parosmia since he caught it in the first wave over 3 years ago.