FRS 101: why choose reduced disclosure accounts - part 1

In part one of a new series on FRS 101 Reduced Disclosure Framework, Anne Cowley ACA considers the pros and cons of choosing FRS 101 to prepare UK GAAP accounts, highlighing potential pitfalls and considering which companies should adopt the accounting rules

FRS 101 Reduced Disclosure Framework is now well established in the UK as a way of applying the recognition and measurement principles of International Financial Reporting Standards (IFRS) without needing to give many of the complex disclosures. In the first of our mini series looking at FRS 101, we look at who can use FRS 101, why a qualifying entity might choose to apply it and some of the challenging areas.

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