The Financial Reporting Council has today issued FRED 86 ‘Draft amendments to FRS 101 Reduced Disclosure Framework’ as part of its annual review process.
FRED 86 sets out a number of proposals that aim to ensure that FRS 101 will continue to provide cost-effective disclosure reductions for those entities applying the Standard. These proposals relate to developments in IFRS Accounting Standards, notably new standards, IFRS 18 ‘Presentation and Disclosure in Financial Statements’ and IFRS 19 ‘Subsidiaries without Public Accountability: Disclosures’.
Specific proposals include:
- A new exemption from some new requirements in IFRS 18, including those that require disclosure in relation to management-defined performance measures.
- An amendment preventing qualifying entities from applying both FRS 101 and IFRS 19.
FRED 86 will be open for comment until 7 March 2025.
