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.
Current standard in issue
- FRS 101 Reduced Disclosure Framework (January 2022)
Amendments applicable from 1 January 2021
- Amendments to FRS 101 –2018/19 cycle (July 2019)
- Amendments to UK and Republic of Ireland accounting standards - UK exit from the European Union (December 2020)
Amendments applicable from 1 January 2023
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 and the disclosures exemptions available – 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, updated August 2021
This factsheet is designed to assist those adopting FRS 101, which is available to certain entities under the UK financial reporting regime. It has been updated for recent amendments and the effects of UK’s exit from the EU.
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.
2022 UK GAAP Accounts
Financial Reporting Faculty, updated January 2023
2021 UK GAAP Accounts
Financial Reporting Faculty, updated August 2022
2020 UK GAAP Accounts
Financial Reporting Faculty, updated July 2021
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising more than 60 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Bloomsbury Accounting and Tax Service.
The Companies Act 2006 and UK Generally Accepted Accounting Practice
Steve Collings, Bloomsbury Professional (2021)
A chapter introducing the structure of UK GAAP - part of a one-stop-shop guide by Steve Collings on all aspects of UK auditing standards and new UK GAAP accounting standards. The chapter includes a section on FRS 101, with a table outlining the disclosure exemptions available.
If you have any difficulties using these eBooks, please contact email@example.com.
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.
If you have any difficulties using these eBooks, please see our Help and support advice or contact firstname.lastname@example.org.
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.
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.
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Ask ICAEW Technical Advisory Service
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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