Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 101 Reduced Disclosure Framework

FRS 101 Reduced Disclosure Framework: Disclosure exemptions from EU-adopted IFRS for qualifying entities
Statement of compliance
10When a qualifying entity prepares its financial statements in accordance with this FRS, it shall state in the notes to the financial statements: 'These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.' The financial statements of such an entity do not comply with all of the requirements of EU-adopted IFRS and shall not therefore contain the unreserved statement of compliance referred to in paragraph 3 of IFRS 1 and otherwise required by paragraph 16 of IAS 1 Presentation of Financial Statements. [AMD 27] [AMD 68]
AMD 27

Amendment

Paragraph 10 amended by Amendments to FRS 101 Reduced Disclosure Framework - 2014/15 cycle and other minor amendments (issued July 2015)

Effective date

01/01/2016 (Earlier application permitted subject to certain conditions – see paragraph 12)

Exceptions

Paragraphs 5, 7A and 8(j)

Effective date: 01 Jan 2015

Previous text

10. Where a qualifying entity prepares its financial statements in accordance with FRS 101, it shall state in the notes to the financial statements: 'These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.' The financial statements of such an entity do not comply with all of the requirements of EU-adopted IFRSs and should not therefore contain the unreserved statement of compliance set out in paragraph 3 of IFRS 1 First-time Adoption of International Financial Reporting Standards and paragraph 16 of IAS 1 Presentation of Financial Statements.
AMD 68

Amendment

Paragraph 10 amended by Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

10 Where a qualifying entity prepares its financial statements in accordance with FRS 101, it shall state in the notes to the financial statements: 'These financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework.' The financial statements of such an entity do not comply with all of the requirements of EU-adopted IFRS and shall not therefore contain the unreserved statement of compliance referred to in paragraph 3 of IFRS 1 and otherwise required by paragraph 16 of IAS 1 Presentation of Financial Statements.
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