FRC issues new UK and Irish interim reporting requirements
The Financial Reporting Council (FRC) has issued revised interim reporting requirements (FRS 104 Interim Financial Reporting).
FRS 104 is relevant for entities that apply UK and Irish GAAP and prepare interim financial reports. FRS 104 promotes the publication of informative and understandable interim financial reports and is consistent with the annual reporting requirements in new UK and Irish GAAP (FRS 102).
The Reporting Statement Preliminary announcements has now been withdrawn. The FRC will, however, evaluate whether it should develop new guidance on certain aspects of preliminary announcements.
FRS 104 is effective for interim periods beginning on or after 1 January 2015 with early application permitted.
The full standard can be downloaded from the FRC website.