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FRS102 Financial Statements requirements

Must we name our Income Statement & Statement of Financial Position as such in our stat. accounts?

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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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RLI
By lionofludesch
15th Jun 2021 11:38

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.

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