I'm aware that our published financial statements must include an Income Statement and a Statement of Financial Position, and that FRS102 sets out very detailed guidance as to what they must contain. My question is a narrow one, simply about nomenclature. Does FRS102 permit us to name our Income Statement as a "Profit and Loss Account" and our Statement of Financial Position as a "Balance Sheet"?
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Yes - if you want.
I continued to use the traditional titles for a bit but it was more of a nuisance than I thought and I fell in with the party line after a year or so.