FRS 101 ‘Reduced Disclosure Framework’ sets out the financial reporting requirements and disclosure exemptions available for use by subsidiaries and ultimate parent companies in their individual financial statements.
FRS 101 permits qualifying subsidiaries and ultimate parent companies to apply the recognition and measurement principles of IFRS in their individual financial statements. Applying FRS 101 may lead to a reduced number of consolidation adjustments necessary to produce the group accounts, and provides disclosure exemptions, a welcome relief from some of the extensive disclosure requirements of IFRS at the entity specific level.
Changes affecting those reporting under FRS 101
- FRC advice on interim reporting
- Brexit: amendments to UK GAAP
- Brexit: changes to accounting
- Significant changes affect work needed for auditing going concern
- Proposed amendments to FRS 101 - March 2020
For more information please get in touch with Danielle Stewart.