The FRC has, this week, published a final form of FRS 104. FRS 104 is a new financial reporting standard promoting the publication of informative and understandable interim financial reports and is consistent with the annual reporting requirements in new UK GAAP (FRS 102). The Accounting Standard Board’s reporting statements “Half-yearly financial reports” and “Preliminary announcements” have been withdrawn. FRS 104 is effective for interim periods beginning on or after 1 January 2015.

Impact - the FRC notes in its impact assessment that the reporting requirements of FRS 104 complement and are consistent with the half yearly reporting requirements of the FCA’s Disclosure Rules and Transparency Rules (the DTRs) although in some aspects exceed those of the DTRs. The DTRs do not require entities that do not prepare consolidated financial statements to produce a statement of cash flows or a statement of changes in equity, whilst this is a requirement of FRS 104.