FRED 50: Residential Management Companies' Financial Statements
Financial reporting exposure draft and draft abstract issued by the FRC on 5 August 2013. The consultation period closed in November 2013 and the FRC commented: ‘Most Residential Management Companies will be small companies, the accounting requirements will need to comply with the new EU Accounting Directive. Therefore, we propose to take this project forward as part of our review of the FRSSE and the requirements for small companies more generally.’

UITF Information Sheet 92 (which contained UITF Draft Abstract 49 Residential Management Companies' Financial Statements) was withdrawn following the publication of the new drafts.

ICAEW response to FRED 50 Draft FRC Abstract 1 Residential Management Companies' Financial Statements
Memorandum of comment submitted to the FRC by ICAEW. Published as ICAEW REP 169/13 in December 2013 .

ICAEW response to UITF Information Sheet 92 Residents’ Management Companies Financial Statements (available from ICAEW Library)
ICAEW response to the Accounting Council, published as ICAEW REP 167/12 on 15 November 2012.

At your service – accounting for RMCs
Economia, September 2012
Should residential management companies hold service charge money in trust or incorporate it into their profit and loss accounts? This article outlines the debate on the financial statements of residential management companies and includes a summary of ICAEW's position.

Residential service charge accounts
Article from Mary-Lou Wedderburn, Consultant and Secretary to the Service Charge Accounts Working Party, which looks at the current situation for residential service charge accounts and at the guidance in TECH 03/11. Published on ICAEW's Talk Charity blog on 8 August 2012.

Concerns raised on service charge accounts
Article from Andrew Güntert, a member of the LSCA Technical Committee, highlighting questions raised at the LSCA Small Practitioners' Conference on ICAEW's residential service charge accounting and reporting guidance. Published in May 2012.

Residential management companies financial statements (available from the ICAEW Library)
Draft UITF Abstract 49, issued as UITF Information Sheet no.92, on the treatment of transactions relating to residential service charges in the financial statements of residential management companies. Issued by the Accounting Standards Board in May 2012.

Residential service charge accounts (available from ICAEW Library)
An alert issued by the ICAEW Service Charge Accounts Working Party on 12 October 2011 on the treatment of service charge transactions within statutory company accounts.

Service charge accounts – Q&As (available from ICAEW Library)
Article from lecturer Mike Ulrich addressing some questions relating to service charges from the 2011 spring roadshows. The article first appeared in Audit & Beyond newsletter of ICAEW Audit and Assurance Faculty in September 2011.

Service charge accounts and recovery of costs: Implications of Leasehold Valuation Tribunal decisions
Article published on 10 August 2011 which focuses on two recent cases in the Upper Tribunal (Lands Chamber) which 'should be of particular interest to those who advise upon and prepare service charge accounts on a regular basis'. The article has been written by Nicholas Kissen, Senior Adviser at the Leasehold Advisory Service, who explains the implications of these Leasehold Valuation Tribunal decisions.

Accounting for service charges: implications of the ‘Daejan’ appeal ruling
Article by Mary-Louise Wedderburn which looks at the question of landlord liability for property maintenance costs and the implications of Daejan Investments Ltd vs Benson & Ors case. This article first appeared in Audit & Beyond in May 2011 and is available to Audit and Assurance Faculty subscribers.

TECH 01/10 Accounting for service charges (available from ICAEW Library)
Consultation draft technical release issued by ICAEW, the Association of Residential Managing Agents (ARMA) and Royal Institution of Chartered Surveyors (RICS) in October 2010 for public comment. Withdrawn following the publication of TECH 03/11.

Service charge accounts
Guidance issued by the Audit and Assurance Faculty in April 2010.

Update on residential service charge accounts (available from ICAEW Library)
Summary of legislation implemented and ICAEW Technical Releases issued on residential service charge accounts, published on 15 July 2010. The previous consultation draft TECH 03/07 has been withdrawn.