FRS 102 will require the use of the terms 'Statement of Financial position' instead of Balance sheet and 'Statement of Comprehensive income' instead of Profit and loss for medium and large companies. But will accounts prepared under FRSSE 2015 have to use these new terms? There is no mention of a change in FRS 100s 'Consequential amendments to the FRSSE'.
Replies (1)
Please login or register to join the discussion.
FRS 102
Hi
I doubt it. The terms 'balance sheet' and 'profit and loss account' derive from Regulations so I suspect we will continue to see them - definitely in FRSSE accounts.
FRS 102 permits the use of alternative titles (para 3.22), hence the balance sheet can still be a balance sheet even in FRS 102 (despite the standard referring to a stat of financial position).
Fear not!
All the best
Steve