In the UK a subsidiary that is a qualifying entity may apply the provisions of UK GAAP, with or without reduced disclosure exemptions in its financial statements or it may prepare its financial statements under EU-adopted IFRS or prepare them under FRS 101....
The reduced disclosure framework has been incorporated within FRS 102The Financial Reporting Standard applicable in the UK and Republic of Irelandfor those companies that are reporting under FRS 102 rather than EU-adopted IFRS and the disclosure exemptions can ... ...