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FRS 100 summary and timeline

A summary of FRS 100 Application of Financial Reporting Requirements, including information on current proposals and a timeline of past amendments, announcements, exposure drafts and consultations.


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The objective of FRS 100 is to set out the applicable financial reporting framework for entities preparing financial statements in accordance with legislation, regulations or accounting standards applicable in the UK and Republic of Ireland.

It applies to financial statements that are intended to give a true and fair view.

FRS 100 was originally issued in 2012 and set out the financial reporting framework applicable from 1 January 2015.

As a result of the implementation of the EU Accounting Directive, the introduction of ‘FRS 105 The Financial Reporting Standard for the Micro-entities Regime’ and the withdrawal of the FRSSE, FRS 100 was revised in 2015. The revised standard sets out the financial reporting framework applicable from 1 January 2016.

The version of FRS 100 issued in March 2018 does not fundamentally change the requirements of the 2015 standard; it is effective from 1 January 2019.

In 2020 amendments were made to the March 2018 edition of FRS 100 to reflect the effects on company law of the withdrawal of the UK from the EU.

Options for preparing financial statements

FRS 105 FRS 102 section 1A (and FRS 103) FRS 102 (and FRS 103) FRS 101 Adopted IRFS*
Entities eligible for micro-entities regime
Entities eligible for small companies regime  
Entities not micro or small and not required to apply adopted IFRS*    
Entities required to apply adopted IFRS*        

*Adopted IFRS are EU-adopted IFRS for annual periods beginning before 1 January 2021; thereafter they are UK-adopted international accounting standards for companies that apply UK company law and adopted IFRS for companies that apply Irish company law.

‘FRS 101 Reduced Disclosure Framework’ sets out an optional reduced disclosure framework for the individual accounts of qualifying subsidiaries and parents that otherwise apply the recognition, measurement and disclosure requirements of adopted IFRS.

‘FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland’ sets out the financial reporting requirements that are not applying adopted IFRS, FRS 101 or FRS 105.

  • Reduced disclosures are available for the individual accounts of subsidiaries and parents.
  • Section 1A Small Entities sets out different presentation and disclosure requirements available to small entities.

‘FRS 103 Insurance Contracts’ sets out the financial reporting requirements for insurance contracts. It applies to entities that have adopted FRS 102.

‘FRS 105 The Financial Reporting Standard for the Micro-entities Regime’ is based on FRS 102, but adapted to reflect the simpler nature and smaller size of micro-entities and the legal requirements applying to them.

Statement of compliance

When an entity prepares its financial statements in accordance with FRS 101 or FRS 102, a statement of compliance needs to be included in the notes. Entities preparing financial statements in accordance with FRS 102 Section 1A are encouraged to include a statement of compliance. Entities preparing accounts in accordance with FRS 105 must include a statement of compliance in a prominent position on the balance sheet.

Interaction with SORPs

If an entity’s financial statements are prepared in accordance with FRS 102, SORPs will apply in the circumstances set out in those standards. When a SORP applies, the entity should state in its financial statements the title of the SORP and whether its financial statements have been prepared in accordance with the SORP’s provisions that are currently in effect. In the event of a departure from those provisions, the entity should give a brief description of how the financial statements depart from the recommended practice set out in the SORP. You can view a summary of the current status of SORPs on the FRC's website.

Interpretation of equivalence

FRS 101 and FRS 102 permit certain exemptions from disclosures subject to equivalent disclosures being included in the consolidated financial statements of the group to which an entity belongs.

The Companies Act exempts, certain to subject conditions, an intermediate from the requirement to prepare consolidated financial statements where its parent is not established under the UK law (or under the law of an EEA state prior to 1 January 2021). One of the conditions is that the group accounts are drawn up in a manner equivalent to consolidated accounts so drawn up.

The Application Guidance to FRS 100 provides guidance on interpreting the meaning of equivalence in both of these cases. As a result of the withdrawal of the UK from the EU, the FRC has indicated that this Application Guidance will be updated for changes to UK company law and decisions on equivalence and made available on the FRC website at www.frc.org.uk


Date Update
21 December 2020 Amendments to accounting standards – UK exit from the EU
Amendments to FRS 100, 101, 102, 103, 104 and 105 issued by the FRC to ensure consistency with UK company law and to update legal references and terminology used in the standards, reflecting changes in legislation as the EU exit transition period ends.
11 July 2019
FRC concludes 2018/19 review of FRS 101
Press notice announcing amendments to FRS 101 which amend the definition of a qualifying entity.
28 March 2018 March 2018 editions of accounting standards reflect triennial review amendments
Press notice issued by the FRC on 28 March 2018 announcing the publication of new editions of all UK and Ireland accounting standards.
14 December 2017 Simplification of UK GAAP benefits up to 4 million businesses
News update issued on 14 December 2017 announcing the completion of the FRC's triennial review of FRS 102 along with the publication of amendments and clarifications to the standards.
29 September 2015 FRC issues revised editions of FRS 100, FRS 101 and FRS 102
The September 2015 editions of the standards incorporate amendments that were issued in July 2015.
16 July 2015 New accounting standards offer simplification for micro-entities and small entities
Press notice issued by the FRC on 16 July 2015 announcing amendments to FRS 100, 101 and 102 and the publication of a new accounting standard FRS 105. The changes also include the withdrawal of FRSSE.
22 November 2012 FRC announces new accounting standards for the UK and Republic of Ireland
Press notice issued by the FRC on 22 November 2012.
30 January 2012 ASB issues revised proposals for the Future of Financial Reporting Standards in the UK & Republic of Ireland
Press notice issued by the FRC on 30 January 2012 announcing revised FREDs following feedback to its previous exposure drafts.
29 October 2010 The Future of Financial Reporting in the UK and the Republic of Ireland
Press notice issued by the FRC on 29 October 2010, announcing proposals for a three-tier reporting framework and a simplified UK standard based on the IFRS for SMEs.