The Financial Reporting Council (FRC) has today 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).

Melanie McLaren, Executive Director of Codes and Standards said:

“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.

FRS 104 is based on IAS 34 ‘Interim Financial Reporting’. Using an IFRS-based standard is consistent with our approach to developing new UK and Irish GAAP.”

The Reporting Statement ‘Preliminary announcements’ is also withdrawn today. 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.

FRS 104: Interim Financial Reporting

Impact Assessment and Feedback Statement: FRS 104 - Interim Financial Reporting

Foreword to Accounting Standards (March 2015)

Financial Reporting Council
5th floor, Aldwych House
71-91 Aldwych
London WC2B 4HN
t: +44 (0)20 7492 2300
f: +44 (0)20 7492 2301
e: enquiries@frc.org.uk