The European Financial Reporting Advisory Group (EFRAG) has announced an initiative to create a key performance indicator (KPI)-based voluntary reporting template for small and medium-sized enterprises (SMEs). The initiative aims to improve the “accessibility and comparability” of financial information within EU SMEs. The proposed reporting template is expected to be accessible via the European Single Access Point (ESAP). This move, prompted by a request from the European Commission (EC) on 29 July 2025 ...

The Financial Reporting Council (FRC) in the UK has released two new factsheets aimed at assisting entities in the application of FRS 102 ‘The Financial Reporting Standard (FRS) applicable in the UK and Republic of Ireland’. These documents are intended to provide clarity on specific aspects of accounting standards. The first factsheet, FRS Factsheet 12 ‘Presentation of the financial statements’, details the options available to entities, including small entities, for presenting financial statements. It ...