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 requested by 30 April 2023. |
March 2024 |
Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 issued |
Effective 1 January 2026 with earlier application permitted provided all amendments are applied at the same time. If an entity applies these amendments before 1 January 2026 it shall disclose that fact, unless it is a small entity in the Republic of Ireland, in which case it is encouraged to disclose that fact. |
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 table above regarding application dates for subsequent amendments to the standard.