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FRC amends FRS 101 and FRS 102 to remove the requirement to notify shareholders

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14 Dec 2016

The Financial Reporting Council has issued Amendments to FRS 101 ‘Reduced Disclosure Framework’ and FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.

The amendments, which were consulted on in Financial Reporting Exposure Draft (FRED) 65 remove the requirement for a qualifying entity to notify its shareholders in writing that it intends to take advantage of the disclosure exemptions in FRS 101 and FRS 102.  

The amendments are effective for accounting periods beginning on or after 1 January 2016.

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