FRS 104 meaning

In practice, FRS 104 describes the UK and Ireland accounting standard that governs interim financial reporting for entities applying UK and Ireland GAAP (typically those using FRS 102). It sets out how to prepare a condensed set of interim financial statements and selected explanatory notes for half‑yearly or other in‑period reports, including recognition and measurement based on the last annual financial statements and consistent accounting policies with updated estimates. FRS 104 is not defined in legislation or case law; it is an accounting standard issued by the Financial Reporting Council (frc) in March 2015 and amended from time to time. It is generally voluntary unless required by law, regulation, listing or market rules, or by contractual obligations (for example, financing covenants), and it provides reduced disclosures aligned with the approach in IAS 34 but tailored to FRS 102. Usage and effect are broadly consistent across England and Wales, Scotland, Northern Ireland and Ireland. Issuers preparing interim reports under the UK FCA Disclosure Guidance and Transparency Rules or Irish transparency regulations typically apply IAS 34 where UK‑adopted IFRS is required; otherwise, FRS 104 is the usual benchmark for interim reporting under UK and Ireland GAAP, often referenced in corporate transactions, due diligence and...