Following the release of our July 2025 newsletter on FRS 119: Subsidiaries without Public Accountability – Disclosures (Part 1), we are pleased to share with you Part 2, which is the final instalment in this series.

This edition provides clarifications through a curated set of Frequently Asked Questions (FAQs), focusing on:

• Electing or revoking an election to apply FRS 119
  1. Can an entity revoke its decision to apply FRS 119 after initially electing to do so?
  2. Is it possible for an entity to apply FRS 119 more than once?
  3. If an entity applies FRS 119 in the current reporting period but not in the immediately preceding period, is it required to present comparative information?
  4. What should an entity do if it applied FRS 119 in the previous period but chooses not to or is no longer eligible to apply it in the current period?
• Interaction with FRS 101: First-time Adoption of Financial Reporting Standards
• Disclosure requirements relating to compliance with FRSs

The FAQ addresses practical considerations such as whether an entity may revoke its election to apply FRS 119, the treatment of comparative information, and the relationship between FRS 119 and FRS 101.