FRC completes FRS 101 annual review with no IFRS-driven changes

The UK Financial Reporting Council (FRC) has wrapped up its 2025/26 reappraisal of FRS 101 and confirmed that determination volition beryllium nary changes to the reduced disclosure model arising from caller International Financial Reporting Standards (IFRS) Accounting Standards.

FRS 101 offers an optional reduced disclosure authorities for qualifying entities, aimed astatine keeping radical reporting businesslike and cost-effective erstwhile the genitor prepares consolidated fiscal statements nether IFRS Accounting Standards.

The model is designed to enactment proportionate reporting by matching disclosure requirements much intimately to users’ accusation needs.

As portion of its yearly reappraisal process, the FRC consulted connected projected changes done Financial Reporting Exposure Draft (FRED) 88.

The papers suggested that nary amendments were indispensable for this rhythm aft considering IFRS developments during the play nether review.

“Concluding its yearly reappraisal cycle, the last amendments align with the FRED 88 proposals, making nary changes to FRS 101 successful respect of caller IFRS pronouncements,” the FRC said successful a statement.

However, the FRC has introduced constricted wording adjustments. These drafting changes are aimed astatine improving clarity, explaining definite elements of FRS 101 much precisely.

Additionally, the FRC noted that the draught changes are successful enactment with the terminology with related standards, including Amendments to FRS 102 The Financial Reporting Standard applicable successful the UK and Republic of Ireland.

It added that the changes besides align with FRS 105 The Financial Reporting Standard applicable to the Micro‑entities Regime – Adapted formats.

In February, the FRC approved FRS 102 changes connected presenting equilibrium sheets and nett and nonaccomplishment accounts.

"FRC completes FRS 101 yearly reappraisal with nary IFRS-driven changes " was primitively created and published by The Accountant, a GlobalData owned brand.

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