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Feedback Statement - FRED 69 2017/18 cycle

The FRC's mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.

The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it.

The Financial Reporting Council Limited 2018 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London, EC2Y 5AS.

Feedback Statement

1The purpose of this Feedback Statement is to summarise the comments received on FRED 69 FRS 101 Reduced Disclosure Framework 2017/18 cycle. FRED 69 was issued in October 2017 and the comment period closed on 2 February 2018.

2The table below shows the number of respondents to the consultation and analyses the respondents by category.

Table 1: Respondents by category

	No. of respondents
Accountancy firms	3
Accounting bodies	1
	4

3FRED 69 posed two questions, and the feedback and FRC response to it are summarised below.

Question 1

Do you agree that no amendments are required to FRS 101 in this cycle? If not, why not?

	No. of respondents
Agreed	4
Disagreed
	4

4All four respondents agreed with the proposal that no amendments are required to FRS 101.

FRC response

5No amendments have been made to FRS 101. The Basis for Conclusions has been amended to note this and the decision to review IFRS 17 in more detail when a clearer picture of the endorsement of the standard is known, and to update Table 2 IASB publications to reflect the IASB publications that have been considered in this review.

Question 2

In relation to the Consultation stage impact assessment do you have any comments on the costs and benefits identified? Please provide evidence to support your views of the quantifiable costs or benefits of these proposals.

6None of the respondents had any further comments on the Consultation stage impact assessment.

Financial Reporting Council 8th Floor 125 London Wall London EC2Y 5AS +44 (0)20 7492 2300 Visit our website at www.frc.org.uk

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Name Feedback Statement - FRED 69 2017/18 cycle

Publication date 27 September 2023

Type Feedback paper

Format PDF, 250.0 KB

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