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FRC issues amendments to FRS 101

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12 Jul 2017

The Financial Reporting Council (FRC) has issued amendments to FRS 101 ‘Reduced Disclosure Framework’.

When FRS 101 was originally published, the FRC committed to review the standard on an annual basis and update it to ensure that it maintains consistency with IFRS and remains cost-effective for groups.  The amendments, which were consulted on within FRED 66 Draft Amendments to FRS 101 Reduced Disclosure Framework 2016/17 cycle, are the fourth of these annual updates.

The amendments provide certain disclosure exemptions in relation to IFRS 16 Leases.

Specifically the amendments provide the following disclosure exemptions:

  • For lessees from the requirements of paragraphs 52 (single lease disclosure note) and paragraph 58 (maturity analysis of lease liabilities) as long as disclosure is made of details of indebtedness required by paragraph 61(1) of Schedule 1 to the Accounting Regulations separately for lease liabilities and other liabilities, and in total.   
  • For lessors from the requirements of the second sentence of paragraph 89 and paragraphs 90, 91 and 93.

The amendments are available from when an entity applying FRS 101 first applies IFRS 16.

The press release and amendments are available on the FRC website.

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