Reducing The Disclosure Burden For IFRS Preparers - A Reduced Disclosure Framework

The reduced disclosure framework of FRS provides certain disclosure exceptions to subsidiaries (including intermediate parents) and ultimate parents that are preparing their accounts in accordance with EU-adopted IFRS. The exemptions will be available in the single entity financial statements of the subsidiaries and parent only; they cannot be taken in any consolidated financial statements. To qualify for the exemptions, the financial statements of the parent or subsidiary must be included in publically available consolidated financial statements that give a true and fair view. These consolidated financial statements do not however need to have been prepared in accordance with EU-adopted IFRS.