FRS 102 and FRS102 1A Accounts settings

There are a number of options in the FRS102/1A workflow that affect the type of accounts produced in Silverfin. A full guide to all the options within the General Settings and Overview reconciliations and a general guide by Silverfin to the options available is set out here. More focused guidance on which of the main options we should use within PKF Francis Clark is set out below.

General settings reconciliation

Options available:

1. Legal Form of Entity – Default “Private Limited Company (Ltd)” (guidance on Unlimited Company and Company Limited by Guarantee is being developed o/s)
2. Form of accounts – Default Statutory (guidance on Non Statutory is being developed o/s)
3. Select type of accounts - Default “FRS 102 1A Accounts” (see here for further guidance)
4. Presentational format for P&L statement – Options:
   1. Profit and loss account or Income statement: default choice unless either options below are needed, and if relevant default to Profit and loss account title unless specifically requested by client.)
   2. Statement of comprehensive income: should be used if we have gains or losses that don’t pass through the Profit And loss account or Statement of income and retained earnings (e.g. revaluation gains and losses on property, plant and equipment, the associated deferred tax movements or actuarial gains and losses on defined benefit pension scheme)
   3. Statement of income and retained earnings: used if the only reserve movements in the current and prior period are the profit or loss for the period and dividends paid.
5. Presentational name for Balance Sheet - Options:
   1. Balance sheet: default choice unless the client specifically requests we use Statement of financial position.
   2. Statement of financial position
6. Final or Draft accounts to be generated

Overview reconciliation

1. Type of report to be generated - Options:
   1. Full Accounts: generally used for drafts to be sent to clients/presented at meetings, sending to client for approval and final copies for distribution to directors and shareholders (if the directors are happy with this).
   2. Full Accounts without Detailed Profit and Loss Accounts: used for final copies of accounts for distribution to shareholders where they are not to receive the detailed Profit and Loss accounts.
   3. Abridged: Rarely used option to reduce disclosure for small companies. Further advice is available from the central technical team.
   4. Filleted: used for producing the accounts to be sent to Companies House for approval by the client and then the final version for submission.

Over disclosure

Please also note that Silverfin can be a little too helpful in some areas and there can be a tendency to over disclose certain matters. It tries to filter the notes to only those notes relevant and having a nominal code balance, but this then adds in the below disclosures that are not needed for FRS 102 1A:

1. Directors’ responsibilities page
2. Finance note
3. Tax note
4. Dividend note
5. Deferred tax note required