Comment deadline for FREDs 58 — 60
In September 2014 the FRC consulted on the future of accounting standards for micro-entities, small entities and other amendments to accounting standards necessary as result of the UK implementation of the EU Accounting Directive (“the Directive”). This followed a consultation issued by the Department for Business, Innovation and Skills (BIS) on the implementation of the Directive, which sought to consolidate existing legislation on financial reporting and reduce the regulatory burden on smaller companies. Following the government response on the UK implementation of the Directive, the FRC has now issued three Financial Reporting Exposure Drafts (FREDs) for public comment which propose changes to the existing UK financial reporting framework. They are FREDs 58, 59 and 60 and comments are invited until 30 April 2015.
Related Topics
- FRED 50 Residential Management Companies' Financial Statements
- FRED 52: ‘Draft amendments to the Financial Reporting Standard for Smaller Entities (effective April 2008) - Micro-entities
- FRED 58 — Draft FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
- FRED 59 — Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments
- FRED 60 — Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework
- FRSSE (effective January 2015)
