The FRC has today issued revised editions of FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland incorporating amendments already published to date.
This August 2014 revised edition of FRS 101 incorporates amendments set out in:
- Paragraph 1.14 of FRS 103 Insurance Contracts issued in March 2014; and
- Amendments to FRS 101 Reduced Disclosure Framework (2013/14 Cycle) issued in July 2014.
This August 2014 revised edition of FRS 102 incorporates amendments set out in:
- an editorial amendment to Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues in relation to the presentation requirements for financial instruments issued on 19 March 2014;
- an editorial amendment to Section 35 Transition to this FRS in relation to the transitional exemptions for service concession arrangements issued on 19 March 2014;
- Amendments to FRS 102 – Basic financial instruments and Hedge accounting issued in July 2014; and
- the correction of some minor typographical errors.
The documents can be accessed on the FRC website at: