UK and Irish accounting.
Financial Reporting Standard 101, dealing with the Reduced Disclosure Framework for financial reporting in the UK and the Republic of Ireland.
FRS 101 applies to companies which are members of larger public groups.
FRS 101 sets out reduced disclosure requirements (within the framework of IFRS) for 'qualifying entities'.
Qualifying entities for this purpose are members of groups where:
(i) The parent of the group prepares publicly available consolidated ﬁnancial statements; and
(ii) The qualifying entity is included in the consolidation prepared by the parent company.