THE FRC has issued revised interim reporting requirements for entities that apply UK and Irish GAAP and prepare interim financial reports.
The standard, FRS 104 Interim Financial Reporting, is based on IAS 34 and replaces the earlier statement, Half Yearly Reports.
“Using an IFRS-based standard is consistent with our approach to developing new UK and Irish GAAP,” said Melanie McLaren, executive director of codes and standards at the FRC [pictured].
“Half-yearly reports can improve the ability of investors and creditors to understand and assess an entity’s capacity to generate earnings and cash flows and its financial position and liquidity.”
At the same time, the FRC has withdrawn the reporting standard ‘Preliminary announcements‘ and will decide whether to develop new guidance on certain aspects of preliminary announcements.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.