UK: the financial reporting framework - new standards published by the FRC

The Financial Reporting Council yesterday published two new financial reporting standards concerning the overall financial reporting framework. The first standard, FRS100: Application of Financial Reporting Requirements, contains the financial reporting requirements for UK and Republic of Ireland entities. The second standard, FRS101: Reduced Disclosure Framework, contains disclosure exemption for the individual financial statements of subsidiaries, including intermediate parents, and ultimate parents that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted International Financial Reporting Standards.