The UK Financial Reporting Council (FRC) issued amendments to Financial Reporting Standard (FRS) 101, Reduced Disclosure Framework – International tax reform – Pillar Two model rules and FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, a news release said.
For FRS 101, the amendments provide an exemption from some disclosure requirements in IAS 12 Income Taxes, provided that equivalent disclosures are included in the consolidated financial statements of the group in which