UK tax - Ability to split debtors due for longer than 12 months
Xero Tax currently doesn't have the functionality to separately display non-current assets and current assets as distinct sections on the face of the balance sheet. The software is presenting all debtors (including the deferred tax asset) under the current assets section, with the split between current and non-current amounts shown only in the notes.
Whilst FRS 102:4.4A states that in most cases it's sufficient to disclose amounts due after more than one year in the notes, in our recent case we identified that we had a material item that requires separate disclosure on the face of the balance sheet to provide a true and fair view.
This is a limitation of the current functionality in Xero Tax, which significantly hinders the true & fair value for material items to be separately disclosed, thus a feature should be added to show this split for material items.
Nyima Aka
shared this idea
Thanks for raising with us here, Nyima.
Appreciate the need you've shared on being able to show a material item separately on the face of the balance sheet.
It'd be good for us to get a better capture the impact this has for other practices here. For yourself and others coming across the idea, it would be great to hear further examples of any compliance or presentation needs you have in this feature, particularly where material items need separate face-of-balance-sheet disclosure rather than note-only disclosure. If there's any plans made around this we will share here.
