FRC consults on annual review of FRS 101
06 Dec, 2023
The Financial Reporting Council (FRC) has published Financial Reporting Exposure Draft 85 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle' (FRED 85).
In FRED 85, the FRC proposes only minor amendments to the standard for consistency with IAS 1 Presentation of Financial Statements.
No new disclosure exemptions are proposed. As a result, qualifying entities will be subject to new disclosure requirements in Non-current Liabilities with Covenants (Amendments to IAS 1), Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) and Lack of Exchangeability (Amendments to IAS 21).
The FRC is requesting comments on FRED 85 by 4 March 2024. A press release and the consultation are available on the FRC website.