FRED 83 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework
Published: 31 March 2023
Response deadline: 24 May 2023
| Title | FRED 83 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republ |
|---|---|
| Format | pdf, 298.7 KB |
In-page links:
Overview
The OECD’s Pillar Two model rules introduce a global system of interlocking top-up taxes that aim to ensure that large multinational groups pay a minimum amount of income tax.
FRED 83 is based on similar proposals issued by the IASB. To make similar accounting relief and disclosure requirements available in the FRC’s financial reporting standards to a consistent timeframe the FRC is consulting now, rather than waiting for the IASB’s final amendments. However, the FRC intends to consider the IASB’s final amendments when finalising its own proposals.
The FRC proposes to introduce a temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules, alongside targeted disclosure requirements.
FRED 83 has a short consultation period to support the FRC’s current intention to finalise any resulting amendments in summer 2023.
Comments on FRED 83 are requested by 24 May 2023.
Outcome
Finalised as Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules issued in July 2023.
| Name | Feedback Statement and Impact Assessment – Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 101 Reduced Disclosure Framework – International tax reform – Pillar Two model rules |
|---|---|
| Publication date | 11 July 2023 |
| Type | Feedback paper |
| Format | PDF, 289.6 KB |
Consultation responses
| Title | 01 KPMG Response to FRED 83 |
|---|---|
| Format | pdf, 155.6 KB |
| Title | 02 ICAEW Response to FRED 83 |
| Format | pdf, 174.2 KB |
| Title | 03 RSM Response to FRED 83 |
| Format | pdf, 349.6 KB |
| Title | 04 Ernst & Young LLP Response to FRED 83 |
| Format | pdf, 448.1 KB |
| Title | 05 Deloitte Response to FRED 83 |
| Format | pdf, 149.3 KB |
| Title | 06 ICAS Response to FRED 83 |
| Format | pdf, 221.4 KB |
| Title | 07 Chartered Accountants Ireland Response to FRED 83 |
| Format | pdf, 383.0 KB |
| Title | 08 PwC Response to FRED 83 |
| Format | pdf, 150.5 KB |
| Title | 09 Mazars Response to FRED 83 |
| Format | pdf, 155.1 KB |
| Title | 10 CPA Ireland Response to FRED 83 |
| Format | pdf, 177.4 KB |