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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 77 proposed limited amendments to FRS 101 to provide certain disclosure exemptions in relation to IAS 16 Property, Plant and Equipment and for consistency with IAS 1 Presentation of Financial Statements.

It also proposed an amendment to FRS 101 to remove a reference to paragraphs 39 and 40 of IAS 1. These paragraphs were deleted by Annual Improvements to IFRSs 2009–2011 Cycle, and therefore were only applicable for accounting periods beginning before 1 January 2013.

FRED 77 was issued in November 2020

Status of the project

In May 2021, the Financial Reporting Council (FRC) issued Amendments to FRS 101 – 2020/21 cycle which brings to a close the 2020/21 annual review of FRS 101 Reduced Disclosure Framework.lished Financial Reporting Exposure Draft 77 "Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle" (FRED 77) which proposes amendments to FRS 101 as a result of its latest annual review. The FRC is requesting comments on FRED 77 by 28 February 2021. 

Correction list for hyphenation

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