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FRS 102: preparing financial statements - tips and advice

Under the new UK GAAP, there have been a number of significant changes to the way financial statements are prepared. In the first of a new series of articles, In part one of our exclusive series, Helen Lloyd FCA considers the key issues for companies reporting under FRS 102 for the first time

The central requirement of financial statements prepared under FRS 102 Financial Reporting Standard applicable in the UK and ROI, is that they ‘present fairly the financial position, financial performance and cash flows of an entity’.

While this is a phrase imported from International Financial Reporting Standards (IFRS), it does not exempt preparers from the requirement of the Companies Act 2006, section 393, which states that the directors must not approve accounts ‘unless they are satisfied that they give a true and fair view of the assets, liabilities, financial position and profit or loss’ of the company or group.

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