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FRED 73 Draft amendments to FRS 101 Reduced Disclosure Framework 2019/20 cycle

Background

FRED 73 arises from the annual review of FRS 101 Reduced Disclosure Framework and proposes two minor amendments to the standard to improve the consistency of the disclosure exemptions in relation to the statement of cash flows and related disclosures.

FRED 73 sets out a proposed amendment to FRS 101 to provide an exemption from the disclosure of cash flows required by paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources. A similar amendment is also proposed to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for qualifying entities.

FRED 73 also sets out a proposed amendment to the exemption from paragraph 33(c) of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, removing the condition that this exemption is only available when equivalent disclosures are made in the relevant consolidated financial statements of the group in which the entity is consolidated. This is for consistency with the exemption from the presentation of a statement of cash flows.

No other amendments are proposed in the FRED.

Status of the project

FRED 73 was issued in December 2019 with a comment period to 16 March 2020.

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.