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?