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FRC issues new requirements on interim reporting

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19 Mar 2015

The Financial Reporting Council (FRC) has today published Financial Reporting Standard (FRS) 104 'Interim Financial Reporting'. FRS 104 sets out a new standard on interim reporting for entities that apply FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ in their annual financial statements.

FRS 104 is intended for use in the preparation of interim financial reports for those entities that apply FRS 102 but may also be used as a basis for preparing interim reports by those entities applying FRS 101 Reduced Disclosure Framework. The Standard is based on IAS 34 Interim Financial Reporting, the international standard on interim reporting with certain adaptations and replaces the existing Accounting Standards Board (ASB) Statement Half-yearly financial reports, issued in 2007.

The new standard does not impose an obligation on entities to produce interim financial reports. However, entities that make a statement of compliance with it will be required to apply all of its provisions. The new standard will, for example, apply to those listed investment trusts which report under UK GAAP.

As well as withdrawing the ASB statement on half-yearly reporting, the FRC has also withdrawn the existing ASB Statement Preliminary announcements.  This statement was issued in 1998 and in the FRC's view it is now obsolete, given developments in the requirements and practice around preliminary announcements since then.

FRS 104 is effective for interim periods commencing on or after 1 January 2015 with early application permitted.

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