Core Insights - The European Financial Reporting Advisory Group (EFRAG) is launching a KPI-based voluntary reporting template aimed at enhancing the accessibility and comparability of financial information for small and medium-sized enterprises (SMEs) in the EU [1][2] Group 1: Initiative Overview - The initiative is a response to a request from the European Commission (EC) on July 29, 2025, intended to facilitate SMEs and start-ups in attracting investors and accessing finance [2] - EFRAG is collaborating with its Administrative Board, Financial Reporting Board (EFRAG FRB), and Technical Expert Group (EFRAG FR TEG) to allocate necessary resources for this project [2][3] Group 2: Development Process - The project was discussed in a joint meeting of the EFRAG FRB and FR TEG on September 10, 2025, where the FRB agreed to proceed with the initiative [3] - The development of the reporting template will involve gathering input from various stakeholders, including potential preparers like SMEs and users such as investors and banks, to understand their perspectives on disclosure requirements [3] Group 3: Timeline and Future Steps - EFRAG's assessment will culminate in a report to be submitted to the EC by June 2026 [4] - EFRAG recently reviewed the IASB's Exposure Draft on Provisions, recommending refined definitions and field-testing of the proposed guidance for IAS 37, while urging for quicker finalization and more guidance on obligations [4]

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]