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FRC issues Amendments to the Basis for Conclusions FRS 101

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11 May 2018

The Financial Reporting Council (FRC) has issued amendments to FRS 101 ‘Reduced Disclosure Framework’ and the associated feedback statement on Financial Reporting Exposure Draft (FRED) 69 'FRS 101 Reduced Disclosure Framework - 2017/18 cycle'.

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. 

No amendments to FRS 101 have been made as a result of the 2017/18 review.  The FRC has also indicated that that detailed consideration of IFRS 17 Insurance Contracts will be deferred until a clearer picture of the progress of its endorsement is known.

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

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