FRC finalises amendments to FRS 101
The Financial Reporting Council (FRC) has finalised amendments to the FRS 101 Reduced Disclosure Framework, following its December 2024 consultation. The changes aim to ensure that FRS 101 continues to facilitate streamlined group reporting and provide cost-effective disclosure reductions for qualifying entities. The amendments reflect recent developments in the International Financial Reporting Standards (IFRS), notably exemptions from the new disclosure requirements in IFRS 18 ‘Presentation and Disclosure in Financial Statements’. The FRC also confirmed that FRS 101 cannot be applied alongside IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’.