Somebody must have thought about this before, but I haven't seen anything written about it. How can we use the FRS102 terminology ("Income Statement", "Statement of Financial Position", "Inventories", etc.) when CA2006 s. 396 and the Formats in the Regulations lay down specific terminology ("Profit & Loss Account", "Balance Sheet", "Stock", etc.) that must be used? I know that companies using IAS are allowed to vary the format, but, as far as I can see, there is no equivalent option for companies using UK GAAP.
What have I missed?
Replies (4)
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1. FRS102 is modelled on IFRS for SMEs
2. A4.7 (page 324) does say that FRS102 accounts are s.396 accounts
3. A4.11 does acknowledge the superiority of CA/06 over the standards
4. Appendix III (page 322) lists the diff with the CA terminologies
5. And finally, the format of the balance sheet has to comply with s.4.2
Legislation vs. Accounting Standards
I would have thought that the requirements of UK legislation - specifically, the balance sheet and P&L formats set out in SCG(ADR) Regs. 2008 Sch.1 - take precedence over mere accounting standards, such as FRS102.