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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

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 ๐Ÿ”’
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. 

Annual factsheets

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.

2020 UK GAAP Accounts ๐Ÿ”’
Financial Reporting Faculty, November 2020

2019 UK GAAP Accounts ๐Ÿ”’
Financial Reporting Faculty, December 2020

2018 UK GAAP Accounts ๐Ÿ”’
Financial Reporting Faculty, June 2018

2017 UK GAAP Accounts ๐Ÿ”’
Financial Reporting Faculty, June 2017


FRS 101 The Reduced Disclosure Framework – Refresher ๐Ÿ”’
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.

Bloomsbury Core 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 Core Accounting and Tax Service.

The Companies Act 2006 and UK Generally Accepted Accounting Practice ๐Ÿ”’
Steve Collings, Bloomsbury Professional (2018)
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.

Terms of use: You are permitted to access, download, copy, or print out content from eBooks for your own research or study only, subject to the Acceptable usage terms.

If you have any difficulties using these eBooks, please contact library@icaew.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 ๐Ÿ”’
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 library@icaew.com.

Example accounts

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.

External resources

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.

Further reading

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 library@icaew.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. 


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 library@icaew.com

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.

Disclosure exemptions
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.

Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email or post.

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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