Completed projects
Set out below is a listing of the past projects of the Financial Reporting Council (FRC).
| Title | Description |
|---|---|
| FRED 50 Residential Management Companies' Financial Statements | The Financial Reporting Council (FRC) issued financial reporting Exposure Draft FRED 50 containing Draft FRC Abstract 1: Residential Management Companies’ Financial Statements setting out proposals for the treatment of residential management transactions in the financial statements of residential management companies (RMCs) in August 2013. The FRC also issued consequential amendments to the Financial Reporting Standard for Smaller Entities (FRSSE). In September 2014, the FRC published its consultation document, ‘Accounting standards for small entities - Implementation of the EU Accounting Directive’ setting out the FRC’s proposals to amend UK accounting standards as part of the implementation of the EU Accounting Directive. As part of this consultation the FRC proposed that a new sub-section of FRS 102 (within Section 34) would be added based on FRED 50 Residential Management Companies’ Financial Statements. However, in February 2015, the FRC indicated in FRED 59 that no change would be made to FRS 102 and in the July 2015 updates to FRS 102, the FRC confirmed that no changes to accounting standards will be made to mandate a particular treatment for residents management companies. |
| FRED 51: Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland: Hedge Accounting | The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland': Basic financial instruments and Hedge accounting'. The amendments follow consultation on the proposals set out in Financial Reporting Exposure Draft (FRED) 51 Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland: Hedge Accounting. The amendments replace the restrictive hedge accounting requirements previously in FRS 102 with a set of hedge accounting principles based on the IFRS 9 Financial Instruments hedge accounting model. As a result of the amendments, there will be more opportunities for entities to apply hedge accounting. |
| FRED 52: ‘Draft amendments to the Financial Reporting Standard for Smaller Entities (effective April 2008) - Micro-entities | In December 2013, new regulations were introduced into UK Company Law to allow 'micro-companies' to prepare and file ‘abridged’ accounts in place of full financial statements. The FRC has now published amendments to the Financial Reporting Standard for Smaller Entities (FRSSE) to enable micro-entities to comply with the FRSSE whilst taking advantage of these exemptions. These amendments follow a comment period that ran until 12 February 2014 on Financial Reporting Exposure Draft (FRED) 52. The amendments are effective for periods ending on or after 30 September 2013 for companies filing their accounts on or after 1 December 2013. |
| FRED 53: ‘Draft amendments to FRS 101 'Reduced Disclosure Framework' (2013/14) | When it issued FRS 101 in November 2012, the Financial Reporting Council (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. In July 2014, the FRC issued amendments to Financial Reporting Standard (FRS) 101 ‘Reduced Disclosure Framework’ available to UK subsidiary companies that wish to apply the recognition and measurement requirements of IFRSs in their financial statements. |
| FRED 54: ‘Draft amendments to FRS 102 – Basic financial instruments | The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland': Basic financial instruments and Hedge accounting'. The amendments follow consultation on the proposals set out in Financial Reporting Exposure Draft (FRED) 54 Draft amendments to FRS 102 – Basic financial instruments. The amendments permit amortised cost measurement for a broader range of debt instruments where it adequately captures the risk associated with those financial instruments |
| FRED 55: Draft Amendments to FRS 102 — Pension Obligations | The Financial Reporting Council (FRC) has published ‘Amendments to FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ – pension obligations’. The amendments, which are effective for accounting periods beginning on or after 1 January 2015, clarify aspects of the accounting for defined benefit pension plans under FRS 102. |
| FRED 56: Draft FRS 104 Interim Financial Reporting | The Financial Reporting Council (FRC) has published Financial Reporting Standard (FRS) 104 'Interim Financial Reporting'. FRS 104 sets out a new standard on interim reporting for entities that apply FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ in their annual financial statements. |
| FRED 57: Draft amendments to FRS 101 'Reduced Disclosure Framework' (2014/15) | When it issued FRS 101 in November 2012, the Financial Reporting Council (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, published in July 2015, represent the second of these annual updates, following the 2013/2014 amendments. |
| FRED 58 — Draft FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime | In July 2015, the Financial Reporting Council (FRC) published FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'. FRS 105, the new accounting standard for entities choosing to apply the Micro-entities regime, is based on FRS 102 but its accounting requirements are adapted to satisfy the legal requirements applicable to micro-entities and to reflect the simpler nature and smaller size of micro-entities. |
| FRED 59 — Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments | In July 2015, the FRC issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments'. Among other things, the amendments set out revised presentation and disclosure requirements for financial reporting by small entities in a new section of FRS 102, Section 1A Small Entities. This new section replaced the existing Financial Reporting Standard for Smaller Entities (FRSSE). A number of other necessary amendments have been made to maintain consistency between FRS 102 and company law and the FRC. Within the amendments to FRS 102, the FRC has also made a narrow scope amendment to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists. |
| FRED 60 — Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework | In July 2015, the FRC issued 'Amendments to FRS 100 Application of Financial Reporting Requirements'. The amendments to FRS 100 reflect the revised framework of accounting standards, including the replacement of the FRSSE with a new section in FRS 102 and the introduction of the micro-entity accounting standard FRS 105. |
| FRED 61 — Draft amendments to FRS 102 – Share-based payment transactions with cash alternatives | In July 2015, the FRC issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments'. Within these amendments the FRC has made a narrow scope amendment to FRS 102 to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists. |
| FRED 62 — Draft amendments to FRS 102 – Fair value hierarchy disclosures | In March 2016, the FRC issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Fair value hierarchy disclosures'. These amendments are relevant only to financial institutions and retirement benefit plans as defined in FRS 102 and amend paragraphs 34.22 and 34.42 of FRS 102 to require disclosure of financial instruments held at fair value on the basis of a fair value hierarchy consistent with EU-adopted IFRS. |
| FRED 63 Draft Amendments to FRS 101 Reduced Disclosure Framework 2015/16 cycle | In July 2016 the FRC issued 'Amendments to FRS 101 Reduced Disclosure Framework 2015/16 Cycle'. The amendments provide certain disclosure exemptions in relation to IFRS 15 'Revenue from Contracts with Customers' and clarify a legal requirement relating to the order in which the notes to the financial statements are presented |
| FRED 64 Draft amendments to FRS 103 Insurance Contracts | In May 2016, the FRC issued Amendments to FRS 103 Insurance Contracts - Solvency II. The amendments, which are applicable for accounting periods ending on or after 1 January 2016, update the terminology and definitions used in FRS 103 as a result of the implementation of the Solvency II Directive. Early adoption is not permitted. |
| FRED 65 Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders | In July 2016, the FRC issued Financial Reporting Exposure Draft (FRED) 65 'Draft amendments to FRS 101 Reduced Disclosure Framework – notification of shareholders'. In FRED 65 the FRC proposed amendments to FRS 101 to remove the requirement for a qualifying entity to notify its shareholders in writing that it intends to take advantage of the disclosure exemptions in FRS 101. A similar consequential amendment was proposed for FRS 102. 'Amendments to FRS 101 and FRS 102 - Notification of shareholders' were published by the FRC in December 2016. |
| FRED 66: Draft Amendments to FRS 101 Reduced Disclosure Framework 2016/17 cycle | In December 2016, the FRC issued 'Draft Amendments to FRS 101 Reduced Disclosure Framework 2016/17 cycle' proposing limited amendments to FRS 101. The amendments were published by the FRC in July 2017. ng Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments'. Within these amendments the FRC has made a narrow scope amendment to FRS 102 to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists. |
| FRED 67: Draft Amendments to FRS 102 - Triennial Review 2017 | In March 2017, the FRC issued 'FRED 67 Draft Amendments to FRS 102 - Triennial Review 2017' proposing incremental improvements and clarifications to Financial Reporting Standard (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. In December 2017, the FRC published amendments to FRS 102 as a result of consultation in FRED 67. |
| FRED 68: Draft Amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid | In September 2017, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 68 'Draft Amendments to FRS 102 - Payments made by subsidiaries to their charitable parents that qualify for gift aid' in relation to gift aid payments made by a subsidiary to its charitable parent. In December 2017, the FRC published amendments to FRS 102 as a result of consultation in FRED 68. |
| FRED 69: FRS 101 Reduced Disclosure Framework 2017/18 cycle | In October 2017, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 69 'FRS 101 'Reduced Disclosure Framework - 2017/18 cycle'' proposing no amendments to FRS 101. Amendments to the Basis for Conclusions FRS 101 Reduced Disclosure Framework was subsequently issued on 10 May 2018. No amendments to FRS 101 have been made as a result of the 2017/18 review. |
| FRED 70 Draft amendments to FRS 101: Reduced Disclosure Framework - 2018/19 cycle | In January 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 70 'FRS 101 'Reduced Disclosure Framework - 2018/19 cycle''. |
| FRED 71 Draft Amendments to FRS 102: Multi-employer defined benefit plans | In January 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 71 ‘Draft Amendments to FRS 102: Multi-employer defined benefit plans’ |
| FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform' | In July 2019, the Financial Reporting Council (FRC) published FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform'. |
| FRED 73 Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle | In December 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 73 ‘Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle’ |
| FRED 74 Draft amendments to FRS 102 – Interest rate benchmark reform (Phase 2) | In May 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 74 ‘Interest rate benchmark reform (phase 2)’. |
| FRED 75 Draft amendments to FRS 104 Interim Financial Reporting - Going concern | In July 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 75 ‘Draft amendments to FRS 104 Interim Financial Reporting - Going concern'. |
| FRED 76 Draft amendments to FRS 102 and FRS 105 - COVID-19-related rent concessions | In July 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 76 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions'. |
| FRED 77 Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 | In November 2020, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 77 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle' (FRED 77). |
| FRED 78 Draft amendments to FRS 102 and FRS 105 - COVID-19-related rent concessions beyond 30 June 2021 | In April 2021 the Financial Reporting Council (FRC) issued 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021'. |
| FRED 79 FRS 101 Reduced Disclosure Framework – 2021/22 cycle | In December 2021, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 79 'FRS 101 Reduced Disclosure Framework – 2021/22 cycle' (FRED 79). |
| FRED 80 Draft amendments to FRS 100 Application Guidance: The Interpretation of Equivalence | In May 2022, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 80 'Draft amendments to FRS 100 Application of Financial Reporting Requirements Application Guidance: The Interpretation of Equivalence'. |
| FRED 81 'FRS 101 Reduced Disclosure Framework – 2022/23 cycle' | In December 2022, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 81 'FRS 101 Reduced Disclosure Framework – 2022/23 cycle' (FRED 81). |
| FRED 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review | In December 2022 the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review'. |
| FRED 83 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules' | In April 2023 the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft (FRED) 83 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules' ("FRED 83") which proposed to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the OECD’s Pillar Two model rules, alongside targeted disclosure requirements. Amendments to FRS 102 and FRS 101 were subsequently published in July 2023. |
| FRED 84 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier Finance arrangements' | In September 2023, the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft (FRED) 84 'Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Supplier Finance arrangements ("FRED 84") which proposes to introduce new disclosure requirements to provide users of financial statements with additional information about an entity's use of supplier finance arrangements and the effect of such arrangements on the entity's financial position and cash flows. |
| Narrative Reporting Regulations | The Financial Reporting Council (FRC) has published guidance to assist directors of listed companies to apply the Strategic Report requirements set out in The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 (the “narrative reporting regulations”). |
| New UK GAAP - FRS 100 - 102 | FRS 100, FRS 101 and FRS 102 have been issued by the FRC and are applicable for accounting periods beginning on or after 1 January 2015 with earlier application permitted. |
| New UK GAAP - FRS 103 | For UK entities applying that standard, FRS 102 includes a definition of an 'insurance contract' but does not set out the accounting required for such a contract. Instead, a separate standard FRS 103 "Insurance Contracts" issued by the FRC in March 2014 contains specific accounting requirements for that have insurance contracts (including reinsurance contracts) and are applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The standard is also applicable to entities applying FRS 102 who issue financial instruments with a discretionary participation feature. FRS 103 is applicable for accounting periods beginning on or after 1 January 2015. Early application is permitted, provided the entity also applies FRS 102 from the same date and discloses this fact that it has applied FRS 103 early. |
| Periodic review of FRS 102 | The Financial Reporting Council (FRC) issued a request for views to inform the periodic review of FRS 102 on 23 March 2021. |
| The Sharman Inquiry | The FRC has now finalised its implementation of the recommendations of the Sharman Inquiry, with the publication of an updated version of the UK Corporate Governance Code in September 2014 and associated Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. These are effective for periods commencing on or after 1 October 2014. |
| UK corporate governance Code (2023 consultation) | In May 2023, the Financial Reporting Council (FRC) launched a public consultation on proposed revisions to the UK Corporate Governance Code ("the Code"). Following a period of consultation a new Code was issued on 22 January 2024 with supporting guidance issued shortly thereafter. |
| UK Corporate Governance Code | The Financial Reporting Council (FRC), in July 2018, published a new UK Corporate Governance Code together with revised Guidance on Board Effectiveness. The new Code applies for periods commencing on or after 1 January 2019. |
| XBRL — UK GAAP | On 26 September 2013, the Financial Reporting Council (FRC) announced a project to improve the quality of electronic "tagging" of accounts. As part of this, the XBRL tagging conventions (taxonomies) would be updated to reflect the new financial reporting standards for the UK and Ireland (FRS 101 and FRS 102) introduced in March 2013. In September 2014 the FRC published XBRL taxonomies for EU IFRS, FRS 101 and FRS 102, as well as a Developer Guide and a Tagging Guide to help preparers implement the new taxonomies. A number of updates to the taxonomies have been made since. |