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Hi Sir,
I was wondering if a business was transferred to new owners under a TUPE would this need to be disclosed anywhere in the financial statements? Or would it be classified as discontinued operation?
Sorry it’s a bit of silly question for a private limited company can the buyer and the seller be the same person of both companies?
Thank you
1. International standards – I would disclose, and discontinuance if discontinued in the year. Bear in mind that, unless the company is listed, they would probably be using UK standards which are different – don’t worry the examiner won’t go to that depth.
2. Buyer / seller question. Yes, but reorganisations of that nature are not in the syllabus.
If these questions relate to a real-life situation you need to take professional advice.
🙂
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