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. Assumptions are future situations beyond the control of the project,. This document is a functional requirements document (frd) template that outlines the sections and content needed for documenting software requirements. This document underlies the functional requirements for implementing online banking solution (obs) for global bank ltd (gbl). Are you wondering what a functional requirements document or what an frd is?