Reduced disclosure accounts (FRS 101)

FRS 101 lets qualifying subsidiaries and parent companies in a group apply the recognition and measurement rules of UK-adopted international accounting standards (IFRS) while taking exemptions from many of the IFRS disclosures. It is a popular choice for UK subsidiaries of international groups.

Who can use FRS 101?

FRS 101 is available to “qualifying entities” – members of a group where the parent prepares publicly available consolidated financial statements that give a true and fair view, and in which the entity is included. Shareholders must be notified and must not object to the use of the disclosure exemptions.

Why choose FRS 101?

• Your accounting policies match the group’s IFRS reporting, so there’s no second set of numbers
• Fewer disclosures than full IFRS – no cash flow statement and reduced related party, financial instrument and share-based payment notes
• Smoother group reporting and audit

What’s included

• Conversion from FRS 102 or full IFRS where needed
• Full FRS 101 financial statements and disclosure checklist
• Group reporting pack reconciliation
• Companies House filing and Corporation Tax return
• Coordination with group finance and your auditor

Get in touch to discuss FRS 101 for your company.