| Commentary

19.7 Choice of accounting date

| Commentary

19.7 Choice of accounting date

The same considerations apply to a partnership in its choice of accounting date as apply to a sole trader1. The main practical difference is that, whereas a sole trader is in a position to make a unilateral decision as to his accounting date, the partners will have to come to some agreement amongst themselves in relation to the partnership business. This may cause some difficulty where the different partners have different priorities and objectives.

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