With effect from 1 January 2015 the Financial Reporting Council (FRC) revised financial reporting standards for the UK and Republic of Ireland. The revision fundamentally reformed financial reporting, replacing the extant standards with five Financial Reporting Standards:
- FRS 100 Application of Financial Reporting Requirements;
- FRS 101 Reduced Disclosure Framework;
- FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland;
- FRS 103 Insurance Contracts; and
- FRS 104 Interim Financial Reporting.
The FRC has also issued FRS 105 the Financial Reporting Standard applicable to the Micro-entities Regime to support the implementation of the new micro-entities regime.