The Financial Reporting Council (FRC) has issued
Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework - 2022/23 cycle. This completes the annual review by the FRC of the FRS 101 standard, which proposed no amendments.
Each year, the FRC carries out an annual review of FRS 101 to provide additional disclosure exemptions as International Financial Reporting Standards (IFRS) evolve and to respond to stakeholder feedback about other possible improvements.
Earlier this year, the Financial Reporting Technical Committee of Chartered Accountants Ireland
responded to this consultation, agreeing with the FRC's proposals.