Tax & Accounting News

Warning over ‘recession’ accounts

12/08/2010

Firms which are about to file their accounts for 2009 have been warned they may need to submit more up-to-date ‘management’ accounts if they wish to preserve their credit score.

Those with a year end of December 31 have to file their accounts within nine months, but there is a danger that some companies’ 2009 figures will make their financial position look worse than it is, possibly damaging their credit rating.

Credit ratings agencies have urged firms to get in touch with them if their recent accounts paint a more positive picture, in order to prevent unnecessary damage to their ability to access credit.