News November 2020 FRC consults on annual review of FRS 101

FRC consults on annual review of FRS 101

30 November 2020
The FRC has today issued FRED 77 Draft amendments to FRS 101 Reduced Disclosure Framework – 2020/21 cycle which proposes amendments to FRS 101 as a result of its latest annual review. The annual review aims to ensure that FRS 101 continues to be cost-effective as IFRS, on which it is based, changes.
FRED 77 principally proposes a disclosure exemption in relation to IAS 16 Property, Plant and Equipment. Other minor amendments are also proposed as a consequence of changes to IAS 1 Presentation of Financial Statements.
Comments should be provided by 28 February 2021.

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