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Comment deadline for FRC consultation on changes to UK Financial Reporting Standards a result of the implementation of the EU Accounting Directive in the UK and Republic of Ireland

When 30 Nov 2014
from to
Timezone UTC
Where London
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The Financial Reporting Council (FRC) has issued a consultation of proposed changes to UK Financial Reporting Standards as a result of the implementation of the EU Accounting Directive (“the Directive”) in the UK and Republic of Ireland.  Comments are invited until 30 November 2014.

The FRC consultation document, ‘Accounting standards for small entities - Implementation of the EU Accounting Directive’ sets out the FRC’s proposals to amend UK accounting standards as part of the implementation of the Directive.  As explained in the parallel consultation on implementation of the Directive by the Department of Business, Innovation and Skills (‘BIS’), change is necessary because the Directive prohibits member states from requiring more than a limited set of notes to the financial statements of small companies unless their inclusion is required to give a true and fair view. Member state requirements include both law and accounting standards; therefore the FRC has to revisit its standards for small companies. 

The main FRC proposals are contained in the UK Accounting Plus news item.

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