ACCA welcomes the opportunity to comment on the Financial Reporting Council (FRC) Exposure Draft 85 Draft amendments to FRS 101 Reduced Disclosure Framework 2023/24 cycle (FRED 85).
We broadly support FRC’s proposed amendments to FRS 101 as presented in the Exposure Draft. We have consistently advocated for improved reporting and alignment with international standards, which contributes to enhanced global coherence.
However, due to the increasing demand for businesses to collect data and the existing capacity constraints, we urge the FRC to provide ongoing support and guidance to qualifying entities on how to implement these disclosure requirements. This will help avoid a disproportionate regulatory burden. Maintaining proportionality in reporting should be a priority for the FRC, as balancing high-quality reporting with the burden on businesses is essential to ensure that FRS 101 continues to positively impact the preparation of financial statements
To read the response in full, please download the consultation document on this page.