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FRED 63 Draft Amendments to FRS 101 Reduced Disclosure Framework 2015/16 cycle

Background

When FRS 101 was originally published, the 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.  FRED 63 Draft Amendments to FRS 101 Reduced Disclosure Framework 2015/16 cycle was the third of these proposed annual updates.

In FRED 63 the FRC proposed amendments to FRS 101 to 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.

Specifically FRED 63 proposed that disclosure exemptions from paragraphs 113 to 115, 118 to 127 and 129 of IFRS 15 should be made available to qualifying entities.

Current status of the project

FRED 63 was issued by the FRC in December 2015.  Comments were requested by 31 March 2016.

In July 2016 the FRC issued 'Amendments to FRS 101 Reduced Disclosure Framework 2015/16 Cycle'.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.