‘FRS 101 Reduced Disclosure Framework’ sets out an optional reduced disclosure framework for the individual accounts of qualifying subsidiaries and parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS.

• Find out more about FRS 101

‘FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland’ sets out the financial reporting requirements that are not applying adopted IFRS, FRS 101 or FRS 105.

Reduced disclosures are available for the individual accounts of subsidiaries and parents.

Section 1A Small Entities sets out different presentation and disclosure requirements available to small entities.

• Find out more about FRS 102

‘FRS 103 Insurance Contracts’ sets out the financial reporting requirements for insurance contracts. It applies to entities that have adopted FRS 102.

• Find out more about FRS 103

‘FRS 105 The Financial Reporting Standard for the Micro-entities Regime’ is based on FRS 102, but adapted to reflect the simpler nature and smaller size of micro-entities and the legal requirements applying to them.

• Find out more about FRS 105

When an entity prepares its financial statements in accordance with FRS 101 or FRS 102, a statement of compliance needs to be included in the notes. Entities preparing financial statements in accordance with FRS 102 Section 1A are encouraged to include a statement of compliance. Entities preparing accounts in accordance with FRS 105 must include a statement of compliance in a prominent position on the balance sheet.

If an entity’s financial statements are prepared in accordance with FRS 102, SORPs will apply in the circumstances set out in those standards. When a SORP applies, the entity should state in its financial statements the title of the SORP and whether its financial statements have been prepared in accordance with the SORP’s provisions that are currently in effect. In the event of a departure from those provisions, the entity should give a brief description of how the financial statements depart from the recommended practice set out in the SORP. You can view a summary of the current status of SORPs on the FRC's website.

FRS 101 and FRS 102 permit certain exemptions from disclosures subject to equivalent disclosures being included in the consolidated financial statements of the group to which an entity belongs.

The Companies Act exempts, certain to subject conditions, an intermediate from the requirement to prepare consolidated financial statements where its parent is not established under the UK law (or under the law of an EEA state prior to 1 January 2021). One of the conditions is that the group accounts are drawn up in a manner equivalent to consolidated accounts so drawn up.

The Application Guidance to FRS 100 provides guidance on interpreting the meaning of equivalence in both of these cases. As a result of the withdrawal of the UK from the EU, the Application Guidance was updated in 2022 for changes to UK company law and decisions on equivalence. The changes were effective immediately.

Mandatory date: Annual periods beginning on or after 1 January 2026. Earlier application is permitted.

FRS 100 is amended to:

• reflect the Periodic Review 2024 amendments; and
• clarify requirements for small entities in the Republic of Ireland.

Mandatory date: Accounting periods beginning on or after 1 January 2023. Earlier application is permitted.

FRS 100 is amended to align the effective date of amendments to FRS 100 and FRS 101 relating to IFRS 17 Insurance Contracts with the IASB’s revised effective date for this standard.

Mandatory date: Effective immediately upon publication (November 2022).

FRS 100 is amended to update its Application Guidance The Interpretation of Equivalence for changes to UK company law and decisions on equivalence following the UK’s exit from the European Union.