SIP 7 - New approach by ACCA

SIP 7 sets out the format for the receipts and payments accounts an office holder issues where there is no prescribed statutory format, which includes annual and final reports to creditors and members. SIP 7 includes a requirement that the receipts and payments account should reflect all transactions to date on a cumulative basis, together with the figures since any previous accounts were provided. In practice, this latter requirement of providing transactions for the period of the account separately has not been enforced by the monitors. This may now have changed for those of you who are regulated by the ACCA. On a recent visit an ACCA monitor raised as an issue the fact that only cumulative figures were provided. Whilst this is not yet seen as an issue by the other monitors, and we are not even certain that this is anything more than one ACCA monitor getting a bit hung up on a minor point, ACCA licensed IPs should certainly consider preparing receipts and payments with two columns of transactions, one to show those in the period of the account and the other to show the cumulative transactions to date.