News May Amendments to UK accounting standards

Amendments to UK accounting standards

29 May 2020
The FRC has today completed its annual review of FRS 101 Reduced Disclosure Framework and made minor amendments, for consistency, to the disclosure exemptions relating to the statement of cash flows.

The FRC has also issued FRED 74 Draft amendments to FRS 102 – Interest rate benchmark reform (Phase 2). As interest rate benchmark reform takes place, this proposes amendments to provide relief to minimise discontinuities in the accounting for financial instruments and leases, minimise reporting costs, assist entities in providing useful information to users of financial statements and avoid unnecessary discontinuation of hedge accounting as agreements are modified in order to transition to alternative benchmark rates.  The effective date is proposed as 1 January 2021 with early application permitted.  The comment period ends on 30 September 2020. 

Links to the supporting documents can be found below: 
Amendments to FRS 101 - 2019/20 cycle
Impact Assessment and Feedback Statement - Amendments to FRS 101 Reduced Disclosure Framework - 2019/20 cycle
FRED 74 Draft amendments to FRS 102 – Interest rate benchmark reform (Phase 2)

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