FRC concludes on the annual review of FRS 101

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25 May, 2021

The Financial Reporting Council (FRC) has issued 'Amendments to FRS 101 – 2020/21 cycle' which brings to a close the 2020/21 annual review of FRS 101 Reduced Disclosure Framework ("the Amendments").

The Amendments, which were consulted upon in Financial Reporting Exposure Draft (FRED) 77:

  • provide a disclosure exemption in relation to IAS 16 Property, Plant and Equipment and maintain consistency with IAS 1 Presentation of Financial Statements; and
  • remove a reference to paragraphs 39 and 40 of IAS 1. These paragraphs were deleted by Annual Improvements to IFRSs 2009–2011 Cycle, and therefore were only applicable for accounting periods beginning before 1 January 2013.

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