FRC consults on FRS101 amendment

FRC consults on FRS101 amendment

Announcement is in line with the FRC’s commitment to update FRS 101 annually to ensure the reduced disclosure framework remains consistent with IFRS

THE Financial Reporting Council (FRC) has published a series of ‘modest additional disclosure exemptions’ to FRS 101 – in its bid to make financial reporting for entities within groups more efficient.

The announcement is in line with the watchdog’s stated commitment to update the UK GAAP standard on the Reduced Disclosure Framework (FRS 101) on an annual basis to ensure that the reduced disclosure framework remains consistent with IFRS.

Melanie McLaren, executive director codes and standards at the FRC, said: “FRS 101 provides a cost-effective method for groups to apply accounting policies to the individual financial statements of entities across the group, consistent with those of the consolidated financial statements.

“The 2014/15 review of FRS 101 reflects careful consideration of a number of important developments in IFRS that have occurred during the last 12 months.”

The FRC invites comments on the proposals. The comment period closes on 20 March 2015.

 

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