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 focuses on the ‘statutory’ and ‘adapted’ formats for the balance sheet and profit and loss account.

The second factsheet, FRS Factsheet 13 ‘The Going Concern Basis of Accounting for Small Companies and Micro-entities’, is designed to support directors of small companies and micro-entities in conducting their going concern assessments and in disclosing their conclusions, including the basis for these conclusions.

Additionally, both factsheets provide considerations for entities applying FRS 101 ‘Reduced Disclosure Framework’ or FRS 105 ‘The Financial Reporting Standard applicable to the Micro‑entities Regime’.

Factsheet 12 is relevant to the FRC’s ongoing consultation on FRED 87 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Adapted formats’.

This consultation proposes amendments to ensure continued alignment with IFRS Accounting Standards when applying the adapted formats.

Stakeholders are invited to comment on the proposed amendments until 10 October 2025.

Factsheet 13 is associated with the FRC’s recently published ‘Guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks’, which serves as a practical guide for companies of different sizes to prepare company-specific disclosures regarding their going concern conclusions.