The amendments primarily reflect changes to International Financial Reporting Standards (IFRS) accounting standards as a result of new requirements in the recently released IFRS 18 Presentation and Disclosure in Financial Statements.

This follows a consultation on proposed changes which led to some tweaking of the original proposals following feedback from accounting bodies and firms.

The FRC has been very clear that FRS 101 cannot be used in conjunction with IFRS 19 Subsidiaries without Public Accountability: Disclosures.