Current Projects

Current projects by the Accounting and Reporting Policy Team.
The FRC issued FRED 77 Draft amendments to FRS 101 Reduced Disclosure Framework - 2020/21 cycle on 30 November 2020.
It proposes amendments to provide certain disclosure exemptions in relation to IAS 16 Property, Plant and Equipment and other minor amendments as a consequence of changes to IAS 1 Presentation of Financial Statements.
The comment period ends on 28 February 2021
The FRC issued FRED 78 Draft amendments FRS 102 and FRS 105 – COVID-19-related rent concessions beyond 30 June 2021 on 20 April 2021.
It proposes to extend the application period of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic by one year.
The comment period ends on 11 May 2021.

The Accounting Council and its UK GAAP Technical Advisory Group will review any issues arising relating to the implementation of FRS 102, as they arise.  Decisions will be taken on a case-by-case basis about the best way to address issues such as editorial points, areas where FRS 102 is silent and areas where divergence in accounting practice seems to be emerging.