Paragraph 5 of Schedule 3 requires that, in respect of every item shown in the financial statements, a corresponding amount for the financial year immediately preceding that also be shown. If that corresponding amount is not comparable with the amount shown in the current financial year, the corresponding amount may be adjusted with particulars of the adjustment and the reason for so doing outlined in the notes.
In previous legislation there was an exemption provided from giving such comparative information with respect to all items shown under ‘fixed assets’ (i.e. intangible, tangible and financial assets), ‘reserves’ and ‘provisions’. This exemption has not been included in the Companies Act 2014. Therefore, corresponding amounts will now need to be disclosed for these items where relevant.