UK’s FRC unveils new factsheets to clarify FRS 102 compliance

Core Insights - The Financial Reporting Council (FRC) in the UK has released two new factsheets to assist entities in applying FRS 102, aimed at providing clarity on accounting standards [1][2] Group 1: Factsheet Details - Factsheet 12, titled 'Presentation of the financial statements', outlines options for presenting financial statements, including statutory and adapted formats for balance sheets and profit and loss accounts [2][3] - Factsheet 13, titled 'The Going Concern Basis of Accounting for Small Companies and Micro-entities', supports directors in conducting going concern assessments and disclosing their conclusions [2][5] Group 2: Related Guidance and Consultation - Both factsheets consider entities applying FRS 101 and FRS 105, with Factsheet 12 relevant to the FRC's consultation on FRED 87, which proposes amendments for alignment with IFRS Accounting Standards [3][4] - Stakeholders are invited to comment on the proposed amendments until 10 October 2025 [4]