The New Accounting Regime
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The New Accounting Regime book
The account statement must be given to each leaseholder within six months of the end of the accounting period (section 21(2)). Superficially, this does not seem to be a particularly onerous timelimit; however, there will be occasions when not all the information will be readily ascertainable (for example, contractors' final invoices). As we shall see from the new section 21A (below), there is a severe penalty for late delivery of the account, so attention must be paid to its prompt production.