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FRS 104 Interim Financial Reporting

FRS 104 Interim Financial Reporting provides guidance on the preparation of interim financial reports. It is based on IAS 34.

Published 15 March 2015. Effective for accounting periods beginning on or after 1 January 2015.

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FRS 104 prescribes the minimum content for an interim financial report and the principles for recognition and measurement in such reports together with required disclosures. 

The standard does not mandate which entities must prepare interim reports, or prescribe how frequently or how soon after the end of an interim period such reports should be issued.

Condensed versions of the main financial statements are required within an interim report, along with selected explanatory notes. Guidance is given within the standard for the measurement of items such as revenues affected by seasonality and income taxes.

Who should apply the standard?

FRS 104 is intended to be applied by those entities that apply FRS 102 and must prepare, or choose to prepare, interim financial reports. It may also be used as a basis for preparing interim reports by entities applying FRS 101.

Which version of the standard?

'Which version of the standard?' is only available to members of the Financial Reporting Faculty.

 Annual period starts on or after 1 January 2019

Annual period starts1 January 2015 - 31 December 2018


  1. Early adoption is permitted provided that FRS 101 or FRS 102 is applied from the same date.
  2. FRS 104 Interim Financial Reporting does not include the amendment.
  3. FRS 104 Interim Financial Reporting (March 2018) includes amendment 1.

Recent amendments

1. Amendments to FRS 102 – Triennial Review 2017

The amendment is effective for accounting periods beginning on or after 1 January 2019, with early application permitted as long as all amendments are applied at the same time.

As a result of amendments made to FRS 102 in the 2017 Triennial Review, limited amendments are made to FRS 104. Some of these are editorial in nature, and in addition:

  • The definition of a financial liability is amended to refer to non-derivatives and derivatives
  • The definition of other comprehensive income is amended to include amounts not recognised in profit or loss by law. 

Other resources

More information on the new financial reporting regime, including the full range of resources, is available on the new UK GAAP section of our website icaew.com/newukgaap

This page was last updated on 17 April 2018.