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Comment deadline for Financial Reporting Exposure Draft (FRED) 62 Draft amendments to FRS 102 – Fair value hierarchy disclosures.

When 31 Jan 2016
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Timezone UTC
Where London
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In November 2015, the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft (FRED) 62 Draft amendments to FRS 102 – Fair value hierarchy disclosures.  The FRC has received feedback that amending the fair value disclosure requirements applicable to financial institutions and retirement benefit plans will reduce the costs of complying with Financial Reporting Standard (FRS) 102 and allow these entities to provide information to users that is more consistent with EU-adopted IFRS. This should also make it easier for users to make comparisons between the financial statements of these entities and those applying EU-adopted IFRS. 

FRED 62 proposes to amend paragraphs 34.22 and 34.42 of FRS 102 to require disclosure of financial instruments held at fair value on the basis of a fair value hierarchy consistent with EU-adopted IFRS.  Comments are requested by 31 January 2016.

 

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