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FRC issues Staff draft of FRED 51

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10 Oct 2013

The Financial Reporting Council (FRC) has today issued a Staff draft of Financial Reporting Exposure Draft (FRED) 51: ‘Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland: Hedge Accounting’. The purpose of the Staff draft is to inform constituents of the proposed amendments to the hedge accounting requirements of FRS 102. The FRC do not expect the final text of FRED 51 to be substantially different from the Staff draft.

FRED 51 proposes limited amendments to FRS 102 in respect of hedge accounting with the following stated objectives: 

To allow entities to apply hedge accounting when this reflects their economic and risk management strategies, without onerous conditions; and

To use concepts and language that are, as far as possible, consistent with those included within IFRS 9 Financial Instruments. 

No comments are requested on the Staff draft as these will be invited once FRED 51 is published. 

The Staff draft can be accessed on the FRC website here.

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