FRC consults on annual review of FRS 101

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09 Dec, 2021

The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft 79 'FRS 101 Reduced Disclosure Framework – 2021/22 cycle' (FRED 79) proposing no amendments to FRS 101 ‘Reduced Disclosure Framework’.

Given the nature of the amendments issued by the International Accounting Standards Board (IASB) that have been considered in the review for the 2021/22 cycle, the FRC is not proposing to make any amendments to FRS 101.

Overall, the FRC believes that FRS 101 will continue to have a positive impact on the cost-effectiveness of the preparation of the financial statements

The FRC is requesting comments on FRED 79 by 1 March 2022. Please click to access the press release and consultation paper on the FRC website.

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