FRS 101: transition tips and advice - part 5

Anne Cowley ACA explains the key transition steps when moving to FRS 101 Reduced Disclosure Framework, whether transitioning from FRS 102, FRS 105 Micro-entities Regime or International Financial Reporting Standards (IFRS)

The requirements for first-time adoption of FRS 101 are, somewhat strangely, set out in FRS 100 Application of Financial Reporting Requirements rather than in FRS 101 itself.

FRS 100 explains what to do depending on which accounting framework the company has applied previously. First-time adoption of any financial reporting framework needs a careful and considered approach.

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