FRS100

Overview

FRS 100 “Application of Financial Reporting Requirements” (link to FRC website) sets out the applicable financial reporting framework for entities preparing financial statements in accordance with legislation, regulations or accounting standards applicable in the United Kingdom and Republic of Ireland.

History of FRS 100

Date Development Comments
 23 November 2012 FRS 100 issued
Effect for periods beginning on or after 1 January 2015.
19 February 2015
FRED 60 issued
Comments closed 30 April 2015
16 July 2015 Consequential amendments as a result of implementation of the new EU Accounting Directive, introduction of FRS 105 and withdrawal of the FRSSE. Effective 1 January 2016.
29 September 2015  Revised version of FRS 100 issued Effective 1 January 2016*
14 December 2017 Amended by Amendments to FRS 102 – Triennial review 2017 – Incremental improvements and clarifications Effective 1 January 2019.  Early application is permitted provided that all the amendments to FRS 101 as a result of the triennial review are applied at the same time.
28 March 2018 Revised version of FRS 100 issued Effective 1 January 2016*
July 2019 Consequential amendments as a result of Amendments to FRS 101 - 2018/19 Cycle The amendments take effect for periods beginning on or after 1 January 2021.  If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 100 shall be applied at the same time
October 2020 Consequential amendments as a result of Amendment to FRS 101 – Effective date of IFRS 17 The amendments take effect for periods beginning on or after 1 January 2023.  If an entity applies the July 2019 amendments to FRS 101 early, these amendments to FRS 100 shall be applied at the same time
December 2020

Amendments to reflect changes in UK company law following the UK’s exit from the European Union that come into effect at the end of the Transition Period.

The effective date for these amendments is accounting periods beginning on or after 1 January 2021. Early application is permitted in some circumstances to provide UK entities with the option to use IAS that are adopted for use within the UK after 31 December 2020, in addition to IFRS that have been adopted in the EU as at this date. This is consistent with the transitional arrangements provided in UK company law for entities preparing ‘IAS accounts’.

May 2022

FRED 80 issued

Comments requested by 26 August 2022.

November 2022

Amendments to FRS 100 Application of Financial Reporting Requirements – The Interpretation of Equivalence issued

The revised guidance is effective immediately

November 2022

Revised version of FRS 100 issued

Effective 1 January 2016.  Also see below for effective date of amendments to the Standard*

December 2022

Financial Reporting Exposure Draft (FRED) 82 ‘Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review’ issued

Comments are requested by 30 April 2023.

*An entity shall apply this FRS for accounting periods beginning on or after 1 January 2016. Early application of this FRS is permitted, providing an entity also applies the edition of FRS 101, FRS 102 and FRS 105 effective for accounting periods beginning on or after 1 January 2016 and is subject to the early application provisions set out in those standards. An entity choosing not to apply these amendments to accounting periods beginning before 1 January 2016 shall not adopt the associated amendments made to FRS 101, FRS 102 nor FRS 105 to accounting periods beginning before 1 January 2016. If an entity applies this FRS before 1 January 2016 it shall disclose that fact, unless the entity is a micro-entity or a small entity. A small entity is encouraged to provide this disclosure.

See above table for effective date for all amendments to FRS 100 since it was first issued. 

Scope

FRS 100 applies to financial statements intended to give a true and fair view of the assets, liabilities, financial position and profit or loss for a period. 

Summary

FRS 100 does not contain accounting requirements in itself but rather provides direction as to the relevant standard(s) for an entity (whether adopted IFRSs, FRS 101, FRS 102, or FRS 105). Among other things, it:

  • incorporates guidance on the application of Statements of Recommended Practice (SORPs);
  • provides guidance on interpreting the meaning of equivalence with respect to: the exemption from preparing consolidated accounts under the Section 401 of the Companies Act 2006 (“the Act”); the disclosure exemptions under FRS 101 and FRS 102 for qualifying entities; 
  • lists standards to be withdrawn on application of FRS 100; and
  • includes requirements around transition to IFRSs, FRS 101, FRS 102 or FRS 105

Effective date

FRS 100 is effective for periods beginning on or after 1 January 2015. Early adoption is permitted without restriction.  See note above regarding application dates for subsequent amendments to the standard.

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.