FRC issues new UK and Irish interim reporting requirements

News types: Codes and Standards Announcements

Published: 19 March 2015

PN 16/15
The Financial Reporting Council (FRC) has today issued revised interim reporting requirements  (FRS 104 ‘Interim Financial Reporting’). FRS 104 is relevant for entities that apply UK and Irish GAAP and prepare interim financial reports. FRS 104 promotes the publication of informative and understandable interim financial reports and is consistent with the annual reporting requirements in new UK and Irish GAAP (FRS 102).

Melanie McLaren, Executive Director of Codes and Standards said:

“Half-yearly reports can improve the ability of investors and creditors to understand and assess an entity’s capacity to generate earnings and cash flows and its financial position and liquidity.

FRS 104 is based on IAS 34 ‘Interim Financial Reporting’. Using an IFRS-based standard is consistent with our approach to developing new UK and Irish GAAP.”


The Reporting Statement ‘Preliminary announcements’ is also withdrawn today. The FRC will, however, evaluate whether it should develop new guidance on certain aspects of preliminary announcements.

FRS 104 is effective for interim periods beginning on or after 1 January 2015 with early application permitted.

FRS 104: Interim Financial Reporting (PDF)

Impact Assessment and Feedback Statement: FRS 104 - Interim Financial Reporting (PDF)

Foreword to Accounting Standards (March 2015) (PDF)


Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

  2. The FRC consulted on the publication of FRS 104 in FRED 56 ‘Draft FRS 104 Interim Financial Reporting’, which was issued in November 2014. The comment period on FRED 56 ended on 12 January 2015.  

  3. The Reporting Statements ‘Half-yearly financial reports’ and ‘Preliminary announcements’ are being withdrawn. The Reporting Statement ‘Half-yearly financial reports’ was issued by the Accounting Standards Board (ASB) in 2007. The Reporting Statement ‘Preliminary announcements’ was issued by the ASB in 1998.  

  4. An ‘Impact Assessment and Feedback Statement’ accompanying FRS 104 was also issued today. 

  5. The FRC also issued a revised Foreword to Accounting Standards today.  

  6. New UK and Irish GAAP includes FRS 101 Reduced Disclosure Framework; FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and FRS 103 Insurance Contracts

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