Background

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft 77 Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle (FRED 77). FRED 77 proposes 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 proposes 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.

Status of the project

FRED 77 was issued in November 2020. Comments are requested by 28 February 2021.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.