“We are issuing FRED 62 to respond to stakeholders’ concerns that certain disclosures required from financial institutions and retirement benefit plans could be made both more cost‑effective and more consistent with IFRS.
The changes proposed in FRED 62 will not affect the majority of entities applying FRS 102 and therefore should not delay or disrupt their implementation plans.”
The proposed improvements are intended to be effective for accounting periods beginning on or after 1 January 2017, with early application permitted. This means it is possible for entities to apply the changes in financial statements for accounting periods ending on 31 December 2015 provided they have not been approved by the time that these proposals are finalised.
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
Responses to FRED 62 Draft amendments to FRS 102 – Fair value hierarchy disclosures can be sent to firstname.lastname@example.org and should be received no later than 31 January 2016.
Document created under a former FRC operating body.