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The Financial Reporting Council (FRC) has published two new factsheets designed to support companies applying the UK’s main financial reporting standard.
The documents offer clarification on specific aspects of FRS 102, which is used by most entities in the UK and Republic of Ireland. They also include guidance relevant to those applying FRS 101, the reduced disclosure framework, and FRS 105, the micro-entities regime.
Factsheet 12, covering presentation of financial statements, sets out the options available for balance sheets and profit and loss accounts. It outlines how entities – including small firms – may choose between statutory formats and adapted formats.
The publication is linked to the FRC’s ongoing consultation on draft amendments to FRS 102 under FRED 87, which proposes changes to maintain alignment with international standards. Stakeholders have until 10 October 2025 to respond.
Factsheet 13 focuses on the going concern basis of accounting for small companies and micro-entities. It aims to assist directors in assessing and disclosing whether their organisation can continue trading, and in explaining how such conclusions are reached.
The factsheet is connected to the regulator’s broader guidance issued earlier this year on ongoing concern reporting, which addresses solvency and liquidity risks and encourages proportionate, company-specific disclosures.
