While so far this series has focused on some details of recognition and measurement, one change brought about by FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, that will definitely affect all preparers relates to financial statement presentation.

The challenge that faced the Financial Reporting Council (FRC) arose where the International Financial Reporting Standard (IFRS) for SMEs prescribed a new set of accounts formats that could not easily be used in FRS 102 because UK companies need to comply with the formats in company law.