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Key Features and Comparisons of FRS 1 (Revised 2008) with Previous Version

FRS 1 (Revised 2008) Presentation of Financial Statements was issued by the Accounting Standards Council in March 2008. FRS 1 (Revised 2008) replaces the FRS 1 (Revised in 2006) and amended in 2007. FRS 1 (Revised 2008) is identical to International Accounting Standards (IAS) 1 issued by the International Accounting Standards Board (IASB) in September 2007. FRS 1 (Revised 2008) sets overall requirements for the presentation of financial statements, guidelines for their structure and minimum requirements for their content. In this publication, we compare the main changes of FRS 1 (Revised 2008) to the previous version of FRS 1. 
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