FRC issues additional factsheets to support FRS 102 preparers
News types: Codes and Standards Announcements
Published: 9 September 2025
The Financial Reporting Council (FRC) has today issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
These factsheets provide entities with additional clarity when applying specific elements of accounting standards. The new factsheets focus on the following areas:
- FRS Factsheet 12 ‘Presentation of the financial statements’ sets out the options available to entities applying FRS 102 (including small entities) for presenting the financial statements, particularly in relation to the ‘statutory’ and ‘adapted’ formats for the balance sheet and the profit and loss account.
- FRS Factsheet 13 ‘The Going Concern Basis of Accounting for Small Companies and Micro-entities’ will support directors of small companies and micro-entities as they perform their going concern assessments and disclose their conclusions, including how these conclusions were reached.
When relevant, these factsheets also 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 of relevance 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’, which proposes amendments to maintain the existing level of alignment to IFRS Accounting Standards when applying the adapted formats. Stakeholders are invited to comment on the proposed amendments until 10 October 2025.
Factsheet 13 relates to 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 proportionate and practical guide for companies of different sizes to prepare high-quality, company-specific disclosures about their going concern conclusions.