FRED 85 'Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle'
Background
In December 2023, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft 85 Draft amendments to FRS 101 Reduced Disclosure Framework – 2023/24 cycle (FRED 85).
In FRED 85, the FRC proposes only minor amendments to the standard for consistency with IAS 1 Presentation of Financial Statements.
No new disclosure exemptions are proposed. As a result, qualifying entities will be subject to new disclosure requirements in Non-current Liabilities with Covenants (Amendments to IAS 1), Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7) and Lack of Exchangeability (Amendments to IAS 21).
Status of the project
FRED 85 was issued in December 2023. The FRC is requesting comments by 4 March 2024. A press release and the consultation are available on the FRC website.
