FRS 101 Reduced Disclosure Framework
FRS 101 sets out disclosure exemptions available to UK qualifying subsidiaries and parent companies that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.
Which version of the standard?
Guidance on the effective version of FRS 101 for different annual periods along with notes on amendments and early adoption are available exclusively to Financial Reporting Faculty members – log in or find out how to join the faculty.
For annual periods from 1 January 2021
For annual periods from 1 January 2019
For annual periods before 1 January 2019
- Amendments to FRS 101: Reduced Disclosure Framework - 2016/2017 Cycle (July 2017)
- Amendments to FRS 101 Reduced Disclosure Framework and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Notification of shareholders (December 2016)
- Amendments to FRS 101 Reduced Disclosure Framework (2015/16 cycle) (July 2016)
- FRS 101 Reduced Disclosure Framework (September 2015)
See the FRC's website for a full list of standards in issue and earlier publications, including previous versions of FRS 101, amendments and guidance.
Summary and timeline
Our FRS 101 summary and timeline tells you who is eligible to apply the standard – alongside a synopsis, any current proposals and a timeline of FRC updates relating to the standard.
ICAEW guides and support
Helpsheets and factsheets
Reduced disclosure framework 🔒
Financial Reporting Faculty, August 2019
This factsheet is designed to assist those adopting FRS 101, which is available to certain entities under the UK financial reporting regime.
These exclusive factsheets, produced annually by the Financial Reporting Faculty for its members, highlight all new and modified requirements for preparers of UK GAAP accounts. Each annual edition focuses primarily on new requirements with mandatory application for preparers with periods beginning on or after 1 January of that year.
2019 UK GAAP Accounts 🔒
Financial Reporting Faculty, January 2020
2018 UK GAAP Accounts 🔒
Financial Reporting Faculty, June 2018
2017 UK GAAP Accounts 🔒
Financial Reporting Faculty, June 2017
FRS 101 The Reduced Disclosure Framework – Refresher 🔒
Financial Reporting Faculty, 16 July 2015
This webinar provides a refresher of FRS 101’s requirements, explaining not only which entities can benefit from applying the standard and what disclosure exemptions are available to them, but also considering new and emerging issues relating to the standard.
Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.
FRS 101 – Reduced disclosure framework 🔒
EY, UK GAAP 2019: Application of FRS 100–104 in the UK (2019)
Fully updated guide focusing on each area of the financial statement in detail with illustrative examples. This chapter covers the measurement and presentation differences between FRS 101 and EU-adopted IFRS, disclosure exemptions for qualifying entities, and additional Companies Act disclosures.
Model accounts and disclosure checklists for new UK GAAP
The ICAEW Library can provide model accounts and disclosure checklists for FRS 101, FRS 102, FRS 102 Section 1A, and FRS 105. The examples and checklists cover a broad range of entities, including small companies, charities, groups, LLPs and micro-companies.
Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.
FRS 101 overview paper: Tax implications
HMRC, December 2016
Paper giving an overview of key accounting changes and tax considerations for companies moving from UK GAAP to FRS 101.
Manuals and handbooks
The ICAEW Library stocks the latest UK GAAP handbooks and manuals. You can browse all our books on FRS 101 and the reduced disclosure framework or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at email@example.com
Manual of accounting: UK GAAP
PwC, Lexis Nexis, 2019
Practical guide with worked examples explaining the requirements of FRS 100, FRS 101, FRS 102, FRS 103, FRS 104 and FRS 105. This edition has been updated for changes from the triennial review issued in December 2017.
GAAP 2019: UK reporting legal and regulatory framework (Volume A)
Deloitte, Croner-i, 2019
This manual deals with legal and regulatory requirements as at 1 July 2018 for UK entities, covering FRS 100 and FRS 101.
Preparing FRS 101 accounts 2018-19
Helen Lloyd, Croner-i, 2018
A guide for entities that choose to prepare accounts using the reduced disclosure framework. It discusses company accounts, FRS 101 and the law, FRS 101 for LLPs, and FRS 101 in the Republic of Ireland.
The ICAEW Library subscribes to over 160 current journals and magazines, as well as offering access to 1,800 key UK and international business, management and trade titles online. You can browse articles on FRS 101 and the reduced disclosure framework or request any of the selected articles below by contacting us on +44 (0)20 7920 8620, by web chat, or at firstname.lastname@example.org
Transition to FRS 101
Anne Cowley, Accountancy, February 2018
This article considers key steps to consider on transition to FRS 101, whether transitioning from FRS 102, FRS 105 or IFRS.
FRS 101 v FRS 102
Anne Cowley, Accountancy, January 2018
This article examines fundamental accounting differences between FRS 101 and FRS 102 on loans, leases and revenue recognition. Contains examples.
FRS 101 versus IFRS
Anne Cowley, Accountancy, December 2017
This article examines they key differences between FRS 101 accounts and recognition requirements in IFRS, with examples.
Anne Cowley, Accountancy, November 2017
The main reason for applying FRS 101 is to take advantage of the reduced disclosures compared to IFRS. This article looks at some of the disclosure exemptions in detail in order to understand how the exemptions are used in practice.
Why use FRS 101?
Anne Cowley, Accountancy, October 2017
FRS 101 is now well established in the UK as a way of applying the recognition and measurement principles of IFRS without needing to give many of the complex disclosures. This article looks at who can use FRS 101, why a qualifying entity might choose to apply it, as well as some of the challenging areas.
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Get an opinion from the experts. Our experienced technical advisors can help you with your UK GAAP questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.
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