Section 5 – Income Statement

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Section 5 – Overview

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Section 5 Detailed Guide

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Section 5: Income Statement

Summary

Section 5 deals with the presentation of the income statement/profit and loss account. It applies to all entities that are eligible as a micro entity and that choose to apply the micro companies/entities regime.

What is new?

A new layout to the income statement/profit and loss as per below:

Turnover;
Other income;
Cost of raw materials and consumables;
Staff costs;
Depreciation and other amounts written off assets (UK only)
Value adjustments and other amounts written off assets (ROI only)
Other charges;
Tax
Profit or loss

No requirement for further notes to support the figures in the profit and loss account other than those mandated by the act which are minimal. These changes are significantly different from FRSSE/old GAAP and FRS 102.

Disclosure of operating profit is not required.

What is different?

No guidance provided in relation to discontinued operations.

Under FRSSE/old GAAP there was no standard dealing with the layout of the primary financial statements, instead, this was dealt with by company law.

FRSSE , old GAAP and FRS 102 requires management to select a method of presenting its expenses by function or nature. Under FRS 105 there is no choice.

FRS 105 does not require any disclosure for exceptional items or define what an exceptional item is. FRSSE/Old GAAP specifically defined when an exceptional item should be shown on the face of the profit and loss account and where and when it should be disclosed in the notes to the financial statements. FRS 105 does not require exceptional items to be shown in a certain location in the profit and loss account nor does it dictate which items are to be shown on the face of the profit and loss account instead it leaves this up to the entity to decide based on materiality. Where exceptional items are disclosed there is no requirement to explain in the notes to the financial statements how it arose.

What are the key points?

Profit and loss can be called a profit and loss account or an income statement.

Additional items can be included with the notes to the profit and loss account however where this is done it must follow the disclosure requirements set out in the small companies regime in Section 1A of FRS 102.

No requirement to disclose exceptional items.

What do accountants need to do?

Be aware of the change in wording and statement presentation as described above so that they can prepare financial statements which are compliant with FRS 105.

Advise the client of the changes and assess whether the client feels FRS 105 is appropriate for the company.

What do companies need to do?

Be aware of the change in wording and statement presentation as described above so that they can prepare financial statements which are compliant with FRS 105.

Assess whether FRS 105 is appropriate for the company.

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