Which version of the standard?
| Annual period | Effective version of the standard | Notes on amendments and early adoption |
|---|---|---|
| Starts on or after 1 January 2021 | FRS 101 Reduced Disclosure Framework (September 2024) |
This edition incorporates the Periodic Review 2024 amendments, which are not mandatory at time of publishing. Amendments to FRS 101 - 2018/19 cycle is mandatory for periods starting on or after 1 January 2023 but should be adopted earlier if the entity adopts IFRS 17 earlier. |
Recent amendments
-
Amendments to FRS 102 and other FRSs – Periodic Review 2024
Mandatory date: Annual periods beginning on or after 1 January 2026. Earlier application is permitted.
The Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review 2024 include changes to FRS 101 and the Basis for Conclusions which improve consistency and clarity.
Summary
FRS 101 allows qualifying entities to adopt the recognition, measurement and disclosure requirements of adopted IFRS, with:
- certain amendments to the requirements of IFRS in order to comply with the Companies Act; and
- a reduction in the required level of disclosures.
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The Corporate Reporting Faculty's annual UK GAAP factsheets provide a more detailed discussion of recent UK GAAP amendments.
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