The Financial Reporting Council (FRC) has today issued ‘Amendments to FRS 101 Reduced Disclosure Framework – 2024/25 cycle’, which brings to a close the 2024/25 annual review of FRS 101 ’Reduced Disclosure Framework’.
The amendments ensure that FRS 101 will continue to enable streamlined group reporting, and where possible, deliver cost-effective disclosure reductions. Amendments relate to developments in IFRS Accounting Standards, notably disclosure exemptions from new requirements of IFRS 18 ‘Presentation and Disclosure in Financial Statements’. It is confirmed that IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’ and FRS 101 cannot be applied together.
Read: FRS 101 Reduced Disclosure Framework
Read The FRS’s Explainer: FRS 101 ‘Reduced Disclosure Framework’ and IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’
