The functional requirements document (frd) is a formal statement of a product's functional requirements. It allows you to apply a ratings system to your requirements, so you have the visibility (into the value, status, and description of each requirement) that’s. It provides a single reliable source of. According to the internet, a functional requirements document, abbreviated as frd, is a formal statement of an. The frd is produced by business analysts or sometimes the technical team in response to the business.