TC11 Residential Service Charge Accounts Guidance

London - 5th June 2013 (Lion Court Conference Centre)

Full Day Course: 09:30 - 17:00

The Institute of Chartered Accountants for England and Wales (ICAEWA) have now published their technical release (available on the ARMA website under “Downloadable Publications”) in conjunction with ARMA,  the Association of Chartered Certified Accountants (ACCA) and the Royal Institution of Chartered Surveyors (RICS). This one day interactive discussion forum addresses the content of this publication and will guide accounts staff and property managers in unison through the accounting procedures required under the terms of the lease,  in compliance with all legal requirements  and the practical application of best practice.

The course covers:

• Corporate - v - service charge accounts - understanding the difference.
• A brief overview of corporate accounts - RMCs, dormant companies, legal requirements, etc.
• Service charge accounts - best practice from budget to year end.
• Management of receipts and payments.
• Procedures for the accurate allocation of costs.
• Production of accounts - lease and legal requirements.
• Explaining service charge accounts - accruals, prepayments, balance sheet.
• Reserve fund expenditure
• Treatment of year end surpluses and deficits
• The chain of responsibility including who signs off the accounts
• The benefits of adopting new articles for RMcos
• Taxation issues in connection with RMcos and with service charge accounts/income
• Discussion - common problems encountered in presenting accounts to clients and leaseholders

Who should attend :

This forum is not designed to teach book-keeping  and is not suitable for relatively inexperienced accounts staff or property managers. It is most relevant to  accounts staff who need to understand the requirements of lease and law in the production of accounts and property managers whose input is required during the service charge year culminating in service charge accounts presentation/ liaison with their clients. It may also be suitable for senior management who are responsible for the corporate strategy within their accounts department.