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The Accounting Standards Committee (ASC) has withdrawn Practice Statement 1 Management Commentary from FRS with effect from 24 June 2025. The withdrawal is part of an ongoing review by the ASC to streamline the number of frameworks and guidance that it has issued.
Practice Statement 1 provides non-mandatory guidance for non-listed entities that prepare management commentary for internal use. An entity's financial statements can comply with FRS without preparing its management commentary in accordance with Practice Statement 1.
The withdrawal would align FRS with SFRS(I), which does not have an equivalent Practice Statement.
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