The Financial Reporting Council (FRC) has issued, for consultation draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, which include proposed revision to align with IFRS 18 Presentation and Disclosure in Financial Stateements,
The draft amendments (FRED 87) are designed to ensure FRS 102 remains fit for purpose and consistent with IFRS accounting standards in respect of the adapted formats for the balance sheet and/or the profit and loss account.
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is a new standard that replaces IAS 1 ‘Presentation of Financial Statements’ and has introduced new disclosure requirements in relation to the presentation of the financial statement
