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FRED 60 — Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework

Background

In September 2014 the FRC consulted on the future of accounting standards for micro-entities, small entities and other amendments to accounting standards necessary as result of the UK implementation of the EU Accounting Directive (“the Directive”). This followed a consultation issued by the Department for Business, Innovation and Skills (BIS) on the implementation of the Directive, which sought to consolidate existing legislation on financial reporting and reduce the regulatory burden on smaller companies.  Following the government response on the UK implementation of the Directive, the FRC issued three FREDs for public comment which proposed changes to the existing UK financial reporting framework.
 

Project Milestones 

FRED 60 - Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework proposes amendments to FRS 100 to reflect the revised framework of accounting standards, including the proposed replacement of the FRSSE with a new section in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the proposed introduction of micro-entity accounting standard, draft FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime.  The FRED also proposes minor amendments to FRS 101 to maintain consistency between FRS 101 and company law. 

FRED 60, if finalised, will be effective for accounting periods beginning on or after 1 January 2016, with earlier adoption permitted for periods beginning on or after 1 January 2015 to be consistent with changes in relevant legislation.

We have created separate project pages for FREDs 58 and 59.

Current status of the project

Amendments to FRS 100 and FRS 101 which incorporate these changes were published in July 2015.

Correction list for hyphenation

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