Which version of the standard?
| Annual period | Effective version of the standard | Notes on amendments and early adoption |
|---|---|---|
| Starts on or after 1 January 2021 | FRS 101 Reduced Disclosure Framework (September 2024) |
This edition incorporates the Periodic Review 2024 amendments, which are not mandatory at time of publishing. Amendments to FRS 101 - 2018/19 cycle is mandatory for periods starting on or after 1 January 2023 but should be adopted earlier if the entity adopts IFRS 17 earlier. |
Recent amendments
-
Amendments to FRS 102 and other FRSs – Periodic Review 2024
Mandatory date: Annual periods beginning on or after 1 January 2026. Earlier application is permitted.
The Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 include changes to FRS 101 and the Basis for Conclusions which improve consistency and clarity.
Current proposals
-
Draft amendments to FRS 101 Reduced Disclosure Framework 2024/25 cycle
FRED 86 Draft amendments to FRS 101 Reduced Disclosure Framework sets out proposals relating to the new IFRS 18 ‘Presentation and Disclosure in Financial Statements’ and IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’, including:
- a new exemption from certain new IFRS 18 requirements, including those mandating disclosure of management-defined performance measures;
- an amendment to prevent qualifying entities from applying both FRS 101 and IFRS 19.
Summary
FRS 101 allows qualifying entities to adopt the recognition, measurement and disclosure requirements of adopted IFRS, with:
- certain amendments to the requirements of IFRS in order to comply with the Companies Act; and
- a reduction in the required level of disclosures.
ICAEW factsheets and guides
Annual factsheets
The Corporate Reporting Faculty's annual UK GAAP factsheets provide a more detailed discussion of recent UK GAAP amendments.
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