Does anyone have any useful tips on the practicalities of operating the 4-4-5 calendar popular in some retail, manufacturing and parking entities? I haven't been able to find anything other than high level overviews online. In particular, does anyone know of where I could access some helpful resources that would cover week 53 and statutory reporting issues?
I have used this in the past. If memory serves the last week of the fiscal year included the extra few days up to year end.
Not aware of any resources other than the good people on here
Thanks JRA.
I'd seen suggestions elsewhere that every 5 or 6 years there would be a 53 week year so that the "year" always ended on the same day of the week, but the 53rd week prevented the inevitable backwards creep of the calendar. I'm led to believe the authorities accept accounts made up to within 7 days either side of the year end and that IFRSs allow for this flexibility. I'd imagined year ends fluctuating between +3/+4 and -3/-4 days of the "accounting reference date".
Interesting that your experience has been of making up the last period to make the total 365/366 days. I can see some merit in doing it that way.
I'm thinking that there may be many different implementation models with no one predominant methodology. Perhaps it boils down to horses for courses?
