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Chapter 25

1.3 FRS 101

FRS 101 Reduced Disclosure Framework applies to the individual financial
statements of subsidiaries and ultimate parent companies. It provides exemptions
from disclosure requirements that will result in cost savings when producing
individual financial statements.

1.4 FRS 102

FRS 102 The Financial Reporting Standard Applicable in the UK and the Republic of
Ireland is a single standard that is organised by topic.

FRS 102 is based on IFRS for SMEs Standard.

1.5 FRS 105

Micro-entities can choose to prepare their financial statements in accordance with
FRS 105 The Financial Reporting Standard Applicable to the Micro-entities Regime.

FRS 105 is based on FRS 102 but with some amendments to satisfy legal
requirements and to reflect the simpler nature of micro-entities.

Further detail on these UK standards can be found in Section 2 of
Chapter 25 in your Study Text.

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