As the initial phase of the new
UK GAAP is released, Helen Lloyd considers the implications of disclosure
for multiple group subsidiaries
On 22 November, the Financial Reporting Council (FRC) released
the first two documents for its wholesale revision of UK financial
reporting, in the shape of FRS 100, Application
of Financial Reporting Requirementsand FRS 101, Reduced Disclosure Framework.
The remaining piece in the puzzle will be FRS 102, Financial Reporting Standard(FRS) applicable
in the UK and Republic of Ireland, which will set out detailed accounting
requirements to be followed by most companies, and is expected in
February 2013, but these earlier standards are crucial in setting
out the foundations for the new approach.
What does FRS 100 cover?
FRS 100 sets out the financial reporting frameworks available
to each of three types of entities:
