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Exposure Draft
Audit and Assurance
Financial Reporting Council
December 2013
FRED 53
Draft Amendments to FRS 101
Reduced Disclosure Framework
(2013/14)
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UP/ASBD-BI13542
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The FRC is responsible for promoting high quality corporate
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UK Corporate Governance and Stewardship Codes as well
as UK standards for accounting, auditing and actuarial work.
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5th Floor, Aldwych House, 71-91 Aldwych, London WC2B 4HN.
Financial Reporting Council
December 2013
FRED 53
Draft Amendments to FRS 101
Reduced Disclosure Framework
(2013/14)
This [draft] Financial Reporting Standard contains material in which the IFRS Foundation
holds copyright and which has been reproduced with its permission.
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Contents
Page
Introduction
3
Invitation to comment
5
[Draft] Amendments to FRS 101 Reduced Disclosure Framework
6
The Accounting Council’s Advice to the FRC to issue FRED 53
9
Appendix I Republic of Ireland legal references to FRED 53
13
Consultation stage impact assessment
15
Financial Reporting Council
1
2
FRED 53: Draft Amendments to FRS 101 (December 2013)
Introduction
1
In 2012 and 2013 the Financial Reporting Council (FRC) revised financial reporting
standards in the UK and Republic of Ireland. The revisions fundamentally reformed
financial reporting, replacing almost all extant standards with three Financial Reporting
Standards:
(a) FRS 100 Application of Financial Reporting Requirements;
(b) FRS 101 Reduced Disclosure Framework; and
(c)
FRS 102 The Financial Reporting Standard applicable in the UK and Republic of
Ireland.
2
FRS 101 allows qualifying entities to apply the recognition and measurement
requirements of EU-adopted IFRS whilst reducing disclosure requirements.
3
Financial statements prepared by a qualifying entity in accordance with FRS 101 are not
IAS Accounts as defined by section 395(1) of the Companies Act 2006 (the Act) but are
Companies Act Accounts. Therefore the entity must comply with the Act and the Large
and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008
(SI 2008/410) (the Regulations) and where applicable make amendments to EU-adopted
IFRS requirements as specified in FRS 101.
4
The Accounting Council advised the FRC to update FRS 101 at regular intervals to ensure
that the disclosure framework maintains consistency with EU-adopted IFRS1.
5
The Accounting Council also advised the FRC that the following principles should be
applied when determining which of the disclosure requirements in EU-adopted IFRS
should be applied by qualifying entities:
(1) Relevance:
Does the disclosure requirement provide information that is capable of making a
difference to the decisions made by the users of the financial statements of a
qualifying entity?
(2) Cost constraint on useful financial reporting:
Does the disclosure requirement impose costs on the preparers of the financial
statements of a qualifying entity that are not justified by the benefits to the users of
those financial statements?
(3) Avoid gold plating:
Does the disclosure requirement override an existing exemption provided by
company law in the UK?
Amendments to FRS 101
6
It has been a year since FRS 101 was issued and the International Accounting Standards
Board (IASB) has issued a number of amendments during this time that have resulted in
changes to EU-adopted IFRS. The FRC considers that it is an appropriate time to review
FRS 101. The amendments made to EU-adopted IFRS were reviewed in the context of
the reduced disclosure framework for any amendments that:
(a) alter disclosure requirements, as consideration will need to be given to whether
changes should be made to the disclosure exemptions permitted in FRS 101; and/or
1
Paragraph 20 of the Accounting Council’s Advice to the FRC in FRS 101
Financial Reporting Council
3
(b) are inconsistent with current UK legal requirements, as consideration will need to be
given to whether changes should be made to the Application Guidance: Amendments
to International Financial Reporting Standards as Adopted in the European Union for
Compliance with the Act and the Regulations to FRS 101.
7
This Exposure Draft sets out proposed amendments to FRS 101 for amendments made
to:
(a) IFRS 10 Consolidated Financial Statements and IAS 27 Separate Financial
Statements as a result of the IASB’s project Investment Entities (Amendments to
IFRS 10, IFRS 12 and IAS 27); and
(b) IAS 36 Impairment of Assets as a result of the IASB’s project Recoverable Amount
Disclosures for Non-Financial Assets (Amendment to IAS 36).
8
4
This Exposure Draft also sets out a proposed editorial amendment to paragraph 6
of FRS 101 to clarify the exemptions permitted for non-financial institutions in relation to
IFRS 7 Financial Instruments: Disclosures and IFRS 13 Fair Value Measurement.
FRED 53: Draft Amendments to FRS 101 (December 2013) – Introduction
Invitation to comment
1
The FRC is requesting comments by 21 March 2014. The FRC is committed to developing
standards based on evidence from consultation with users, preparers and others.
Comments are invited in writing on all aspects of this FRED. In particular, comments are
sought on the questions below.
Question 1
Do you agree with proposed amendments to FRS 101 Reduced Disclosure
Framework? If not, why not?
Question 2
Do you agree with the proposed effective date? If not, why not?
2
Information on how to submit comments and the FRC’s policy in relation to responses is
set out on page 16.
Financial Reporting Council
5
[Draft] Amendments to FRS 101 Reduced Disclosure Framework
[Draft] Amendments to FRS 101
1
The following paragraphs set out the [draft] amendments to FRS 101. Inserted text is
underlined and deleted text is struck through.
Reduced disclosures for subsidiaries and ultimate parents
2
Paragraph 4A is inserted above paragraph 5 and below the heading Reduced disclosures
for subsidiaries and ultimate parents as follows:
4A Financial statements prepared by qualifying entities in accordance with this FRS
are not IAS Accounts as defined in Section 395(1)(b) of the Act but are
Companies Act accounts and therefore must comply with the requirements of
the Act and the Regulations.
3
Paragraph 6 is amended as follows2:
6
4
6
(a)
Entities should refer to the disclosure requirements of paragraph 55 of
Schedule 1 to the Regulations. for financial liabilities that are held at fair
value that are part of a trading portfolio or are derivatives, the qualifying
entity can take advantage of those exemptions.
(b)
Where the qualifying entity has financial instruments held at fair value
subject to the requirements of paragraph 36(4) of Schedule 1 to the
Regulations, it must apply the disclosure requirements2 of paragraphs 8(e),
9(c), 10, 11, 17, 20(a)(i), 25, 26, 28, 29, 30, 31 of IFRS 7 and paragraph 93
of IFRS 13 to those financial instruments held at fair value in order to
comply with the Regulations. For accounting periods beginning before
1 January 2013, paragraph 93 of IFRS 13 should be replaced with
paragraphs 27, 27A and 27B of IFRS 7.
Paragraph 8(l) is amended as follows:
(l)
2
A qualifying entity which is not a financial institution may take advantage in its
individual financial statements of the disclosure exemptions set out in
paragraphs 8 to 9 of this FRS. In relation to except in relation to paragraphs
8(d) and (e) where the disclosure requirements of the Act and the Regulations
must be provided for financial instruments measured at fair value, for example:
The requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d) to 134(f) and 135(c)
to 135(e) of IAS 36 Impairment of Assets, provided that equivalent disclosures
are included in the consolidated financial statements of the group in which the
entity is consolidated.
Paragraph 6 of FRS 101 already contains a footnote (footnote 2) which remains unchanged.
FRED 53: Draft Amendments to FRS 101 (December 2013)
[Draft] Amendments to the Application Guidance to FRS 101
5
Paragraphs AG1(gA) and AG1(gB) are inserted after paragraph AG1(g) of the Application
Guidance to FRS 101.
(gA)
Paragraph 31 of IFRS 10 Consolidated Financial Statements is amended as
follows:
31
(gB)
Except as described in paragraph 32, an investment entity shall not
consolidate its subsidiaries or apply IFRS 3 when it obtains control of
another entity if the interest is held exclusively with a view to subsequent
resale. Instead, an investment entity shall measure an investment in a
subsidiary at fair value through profit or loss in accordance with IFRS 9.
The following definitions are inserted into Appendix A Defined terms of
IFRS 10 Consolidated Financial Statements as follows:
held exclusively
with a view to
subsequent
resale
held as part of
an investment
portfolio
An interest:
(a)
for which a purchaser has been identified or
is being sought, and which is reasonably
expected to be disposed of within
approximately one year of its date of
acquisition; or
(b)
that was acquired as a result of the
enforcement of a security, unless the
interest has become part of the continuing
activities of the group or the holder acts as if
it intends the interest to become so; or
(c)
which is held as part of an investment
portfolio.
An interest is held as part of an investment portfolio
if its value to the investor is through fair value as part
of a directly or indirectly held basket of investments
rather than as media through which the investor
carries out business. A basket of investments is
indirectly held if an investment fund holds a single
investment in a second investment fund which, in
turn, holds a basket of investments.
Financial Reporting Council
7
[Draft] Amendments to Appendix IV Republic of Ireland Legal References
6
Paragraph A4.10 is amended as follows:
A4.10 As this FRS does not apply to the preparation of consolidated financial
statements (see paragraph 3 of this FRS), readers should note that, with a
number of specific exceptions, there are no references included in the table
below to the Group Accounts Regulations, 1992 or other legislative
provisions pertaining to group accounts. The exceptions relate to
paragraphs dealing with the scope of the standard, and the definitions of
qualifying entities and the requirement under IAS 27 Separate Financial
Statements, in the case where a parent, that is an investment entity, is
required to measure its investment in a subsidiary at fair value through profit
or loss, to account for its investment in a subsidiary in the same way in its
separate financial statements.
7
8
A number of additional Irish legal references are inserted into Appendix IV to FRS 101 as a
result of the amendments proposed above. These are set out in Appendix I to this FRED
and will be incorporated into Appendix IV to FRS 101 when these proposals are finalised.
FRED 53: Draft Amendments to FRS 101 (December 2013)
The Accounting Council’s Advice to the FRC to issue FRED 53
Introduction
1
This section provides an overview of the main issues that have been considered by the
Accounting Council in advising the Financial Reporting Council (FRC) to publish Financial
Reporting Exposure Draft 53: Amendments to FRS 101 Reduced Disclosure Framework
(2013/14) (FRED 53).
2
The FRC, in accordance with the Statutory Auditors (Amendment of Companies Act 2006
and Delegation of Functions etc) Order 2012 (SI 2012/1741), is the prescribed body for
issuing accounting standards in the UK. The Foreword to Accounting Standards sets out
the application of accounting standards in the Republic of Ireland.
3
In accordance with the FRC Codes and Standards: procedures, any proposal to issue,
amend or withdraw a code or standard is put to the FRC Board with the full advice of the
relevant Councils and/or the Codes & Standards Committee. Ordinarily, the FRC Board
will only reject the advice put to it where:
4
.
it is apparent that a significant group of stakeholders has not been adequately
consulted;
.
the necessary assessment of the impact of the proposal has not been completed,
including an analysis of costs and benefits;
.
insufficient consideration has been given to the timing or cost of implementation; or
.
the cumulative impact of a number of proposals would make the adoption of an
otherwise satisfactory proposal inappropriate.
The FRC has established the Accounting Council as the relevant Council to assist it in the
setting of accounting standards.
Advice
5
The Accounting Council is advising the FRC to issue FRED 53: Amendments to FRS 101
Reduced Disclosure Framework (2013/14).
Background
6
The Accounting Council advised the FRC to update FRS 101 at regular intervals to ensure
that the disclosure framework maintains consistency with EU-adopted IFRS3.
7
The Accounting Council also advised the FRC that the following principles should be
applied when determining which of the disclosure requirements in EU-adopted IFRS
should be applied by qualifying entities:
(1) Relevance:
Does the disclosure requirement provide information that is capable of making a
difference to the decisions made by the users of the financial statements of a
qualifying entity?
(2) Cost constraint on useful financial reporting:
Does the disclosure requirement impose costs on the preparers of the financial
statements of a qualifying entity that are not justified by the benefits to the users of
those financial statements?
3
Paragraph 20 of the Accounting Council’s Advice to the FRC in FRS 101.
Financial Reporting Council
9
(3) Avoid gold plating:
Does the disclosure requirement override an existing exemption provided by
company law in the UK?
IASB projects completed since those considered in the development of FRS 101
8
The IASB has completed six projects since those considered in the development of
FRS 101:
IFRS
Date
issued by
IASB
Endorsed
by EU
1
IAS 32 Financial Instruments: Presentation –
Offsetting Financial Assets And Financial
Liabilities (amendment)
Dec 2011
Dec 2012
2
Disclosures – Offsetting Financial Assets and
Financial Liabilities (Amendments to IFRS 7)
Dec 2011
Dec 2012
3
Government loans (amendments to IFRS 1)
Mar 2012
Mar 2013
4
Consolidated Financial Statements, Joint
Arrangements and Disclosure of Interests in
Other Entities: Transition Guidance
(Amendments to IFRS 10, IFRS 11 and IFRS 12)
Jun 2012
Apr 2013
5
Investment Entities (Amendments to IFRS 10,
IFRS 12 and IAS 27)
Oct 2012
Nov 2013
6
Recoverable Amount Disclosures for NonFinancial Assets (Amendment to IAS 36)
May 2013
Expected
Q4 2013
The amendments4 resulting from these projects were reviewed in the context of the
reduced disclosure framework for any amendments that:
9
(a) alter disclosure requirements, as consideration will need to be given to whether
changes should be made to the disclosure exemptions permitted in FRS 101; and/or
(b) are inconsistent with current UK legal requirements, as consideration will need to be
given to whether changes should be made to the Application Guidance: Amendments
to International Financial Reporting Standards as Adopted in the European Union for
Compliance with the Act and the Regulations to FRS 101.
Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27)
10
4
The amendments resulting from this IASB project introduced into IFRS 10 Consolidated
Financial Statements an exception from consolidation of subsidiaries for parents that are
investment entities. These amendments require an investment entity to measure those
subsidiaries at fair value through profit or loss in accordance with IFRS 9 Financial
Instruments in its consolidated and separate financial statements. The amendments also
introduce new disclosure requirements for investment entities into IFRS 12 Disclosure of
Interests in Other Entities and IAS 27 Separate Financial Statements.
The full IASB documents setting out the amendments for each project are available on the IASB website (www.ifrs.org).
10
FRED 53: Draft Amendments to FRS 101 (December 2013) – Accounting Council’s Advice
Compliance with UK company law
11
Section 405(3) of the Companies Act (the Act) sets out the circumstances in which a
subsidiary may be excluded from consolidation. Section 405(3) permits a subsidiary to be
excluded from consolidation on the following grounds:
(a) severe long-term restrictions substantially hinder the exercise of the rights of the
parent company over the assets or management of that subsidiary;
(b) the information necessary for the preparation of group accounts cannot be obtained
without disproportion expense or undue delay; or
(c)
the interest of the parent company is held exclusively with a view to subsequent
resale.
12
To enable qualifying entities that apply FRS 101 to take advantage of the consolidation
exception in IFRS 10 whilst complying with the requirements of the Act, the Accounting
Council advises that an amendment to the text of paragraph 31 of IFRS 10 is required to
include the phrase ‘‘held exclusively with a view to subsequent resale’’ and the associated
definitions should be inserted. Two additional paragraphs are therefore inserted into the
Application Guidance: Amendments to International Financial Reporting Standards as
Adopted in the European Union for Compliance with the Act and the Regulations to
FRS 101 that amend paragraph 31 of IFRS 10 and insert the associated definitions.
13
This IASB project also resulted in amendments to IAS 27 Separate Financial Statements.
IAS 27 requires that where a parent, that is an investment entity, does not consolidate its
subsidiaries and measures its investments a subsidiaries at fair value through profit or loss
in its consolidated financial statements (as required by IFRS 10), it shall account for these
investments in the same way in its separate financial statements. This treatment in the
separate financial statements is a departure from the requirements of the Companies Act
for the overriding purpose of giving a true and fair view.
Disclosure exemptions
14
The Accounting Council considers that the new disclosure requirements in IFRS 12 and
IAS 27 are relevant to a user’s understanding of a parent entity’s financial statements,
particularly as no consolidated financial statements would have been prepared in respect
of the exempt subsidiaries. Further, the parent entity would also be a financial institution
and these disclosures relate to its financial instruments. The Accounting Council advises
that no exemption should be given in FRS 101 for these new disclosure requirements.
Recoverable Amount Disclosures for Non-Financial Assets (Amendment to IAS 36)
15
The Accounting Council notes that FRS 101 already allows disclosure exemptions for
qualifying entities against paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36.
These disclosures relate to cash-generating units that, either individually or in
combination, have a significant amount of goodwill or intangible assets with indefinite
useful lives allocated to them. These exemptions are only permitted if equivalent
disclosures are included in the consolidated financial statements of the group.
16
The IASB have made amendments to the disclosure requirements of paragraph 130(f) of
IAS 36 in relation to fair value, where fair value less costs of disposal is the recoverable
amount of an individual asset or cash-generating unit.
17
The Accounting Council considers that, on balance, the additional detailed disclosure
requirements of paragraph 130(f) of IAS 36 are unlikely to provide relevant information to
users of the financial statements of qualifying entities, given that general information on
impairments will be disclosed through the requirements of paragraphs 130(a) to (e).
Financial Reporting Council
11
18
In addition, this detailed information would be available in the consolidated financial
statements, and if no disclosure is made in the consolidated financial statements on the
grounds of materiality, the relevant disclosures would need to be made at subsidiary
level5.
19
The Accounting Council noted, however, that should an exemption be permitted for
paragraph 130(f) in its entirety, basic information about the basis of measurement of the
fair value would be lost, and an imbalance between the disclosure requirements relating to
fair value less costs of disposal and value in use would exist. Therefore the Accounting
Council advises that an exemption should not be allowed against the requirements of
paragraph 130(f)(i) and entities should provide disclosure of the level of the fair value
hierarchy used in measuring fair value. The Accounting Council advises that qualifying
entities should be allowed an exemption against subparagraphs 130(f)(ii) and 130(f)(iii),
provided that equivalent disclosures are included the consolidated financial statements of
the group. Paragraph 8(l) of FRS 101 is amended to include this exemption.
Editorial amendment to paragraph 6 of FRS 101
20
It has been brought to the attention of the Accounting Council that the drafting of
paragraph 6 of FRS 101 does not accurately reflect the requirements of Schedule 1 to the
Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations
2008 (SI 2008/410) (the Regulations) in that it refers to financial liabilities that are held at
fair value that are part of a trading portfolio or are derivatives, rather than financial
instruments.
21
The Accounting Council advises that paragraph 6 should be amended and paragraph 4A
is inserted to remind users of FRS 101 that financial statements prepared under FRS 101
are not IAS Accounts but Companies Act Accounts, and therefore qualifying entities must
comply with the Act and the Regulations.
Date from which effective and transitional arrangements
22
The effective date of FRS 101 is for accounting periods beginning on or after 1 January
2015 with early application permitted.
23
The amendments resulting from both the Investment Entities (Amendments to IFRS 10,
IFRS 12 and IAS 27) project and the Recoverable Amount Disclosures for Non-Financial
Assets (Amendments to IAS 36) project have an effective date for accounting periods
beginning on or after 1 January 2014 with early application permitted as set out in IFRS 10
and IAS 36.
24
The Accounting Council advises that the draft amendments to FRS 101 have the same
effective date as currently stated in FRS 101 and early adoption is permitted to the extent
that a qualifying entity can apply the amendments of the underlying IFRSs (ie IFRS 10 and
IAS 36).
5
As required by paragraph AG10 of the Application Guidance to FRS 100 Application of Financial Reporting Requirements.
12
FRED 53: Draft Amendments to FRS 101 (December 2013) – Accounting Council’s Advice
Financial Reporting Council
13
Section 395(1)
3
Section 148(2)
1963 Act
1986 Act
Paragraph 55 of Schedule
1 to the Regulations
Paragraph 36(4) of
Schedule 1 to the
Regulations
3 (amending
paragraph 6 in
FRS 101)
Section 395(1)(b)
2 (inserting
paragraph 4A in
FRS 101)
3 (amending
paragraph 6 in
FRS 101)
2006 Act and the 2008
Regulations (unless
otherwise stated)
Paragraph
reference in
FRED 53
UK References
Section
148(2)(b)
1963 Act
Paragraphs
22A(2) and
22AA of Part
IIIA of the
Schedule
Paragraph
31A of the
Schedule
1986 Act
[DRAFT] AMENDMENTS TO FRS 101 REDUCED DISCLOSURE FRAMEWORK
2006 Act and the 2008
Regulations (unless
otherwise stated)
UK References
Paragraph
reference in
FRED 53
INTRODUCTION
GAR 1992
ROI References
GAR 1992
ROI References
Paragraphs
46A(3), 46A(4A)
and 46A(4B) of
Part I of the
Schedule
Paragraph 46D
of Part I of the
Schedule
Regulation 5(1)
CIR 1992
Regulation 5(1)
CIR 1992
Regulation 5(1)
IUR 1996
Regulation 5(1)
IUR 1996
The following tables set out the RoI legal references relevant to FRED 53. These references will be incorporated into Appendix IV RoI
Legal References to FRS 101 when these proposals are finalised.
Republic of Ireland legal references to FRED 53
Appendix I
14
FRED 53: Draft Amendments to FRS 101 (December 2013) – Appendix I
2006 Act and the 2008
Regulations (unless
otherwise stated)
Section 405(3)
Schedule 1 to the
Regulations
Paragraph
reference in
FRED 53
11
20
UK References
1963 Act
Sections 4, 5,
and 6 and the
Schedule
1986 Act
THE ACCOUNTING COUNCIL’S ADVICE TO THE FRC TO ISSUE FRED 53
Regulation 11
GAR 1992
ROI References
Paragraph
2(3) of Part II
of the
Schedule
CIR 1992
Paragraph
2(3) of Part IV
of the
Schedule
IUR 1996
Consultation stage impact assessment
Introduction
1
As published in its Regulatory Strategy6, the Financial Reporting Council (FRC) is
committed to a proportionate approach to the use of its powers, making effective use of
impact assessments and having regard to the impact of regulation on small enterprises.
Rationale for amending FRS 101 Reduced Disclosure Framework
2
FRS 101 allows qualifying entities within groups where the parent of that group prepares
publicly available consolidated financial statements which are intended to give a true and
fair view to apply the recognition and measurement requirements of EU-adopted IFRS
whilst reducing disclosure requirements.
3
Paragraph 20 of the Accounting Council’s Advice to the FRC to FRS 101 states that
FRS 101 should be updated at regular intervals to ensure that the disclosure framework
maintains consistency with EU-adopted IFRS.
4
It has been a year since the publication of FRS 101 and a number of IASB projects have
since been completed and the FRC considers it an appropriate time to perform a review of
the requirements of FRS 101.
Cost / benefit analysis
5
For those groups that have chosen to prepare individual accounts in accordance with EUadopted IFRS, FRS 101 offers a cost saving due to the reduced number of disclosures
that require preparing and auditing. Feedback from listed groups supported the
introduction of FRS 101, highlighting the benefits of consistent reporting across the
group, and noting that the cost of producing full EU-adopted IFRS disclosure for individual
group entities would be disproportionate to the use made of subsidiary financial
statements, which often have few users that are external to the group.
6
Any change in accounting requirements will lead to some costs of transition, however the
FRC believes that the amendment set out in FRED 53 will not increase these transitional
costs.
7
The FRC believes that FRS 101 provides proportionate disclosures for group entities and
generates opportunities for cost savings, particularly for those entities required to prepare
group accounts in accordance with EU-adopted IFRS. These cost savings should imply
greater returns for investors.
6
http://www.frc.org.uk/Our-Work/Publications/FRC-Board/FRC-Regulatory-Strategy-Our-Role-and-Approach.aspx
Financial Reporting Council
15
This draft is issued by the Financial Reporting Council for comment. It should be noted
that the draft may be modified in the light of comments received before being issued in
final form.
For ease of handling, we prefer comments to be sent by e-mail to:
ukfrs@frc.org.uk
Comments may also be sent in hard copy to:
Mei Ashelford
Financial Reporting Council
Aldwych House
71-91 Aldwych
London
WC2B 4HN
Comments should be despatched so as to be received no later than 21 March 2014.
The FRC’s policy is to publish on its website all responses to formal consultations issued
by the FRC unless the respondent explicitly requests otherwise. A standard confidentiality
statement in an e-mail message will not be regarded as a request for non-disclosure. The
FRC does not edit personal information (such as telephone numbers or postal or e-mail
addresses) from submissions; therefore, only information that you wish to be published
should be submitted.
The FRC aims to publish responses within 10 working days of receipt.
The FRC will publish a summary of the consultation responses, either as part of, or
alongside, its final decision.
16
FRED 53: Draft Amendments to FRS 101 (December 2013)
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The FRC is responsible for promoting high quality corporate
governance and reporting to foster investment. We set the
UK Corporate Governance and Stewardship Codes as well
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Exposure Draft
Audit and Assurance
Financial Reporting Council
December 2013
FRED 53
Draft Amendments to FRS 101
Reduced Disclosure Framework
(2013/2014)
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