FRC publishes second edition of quarterly newsletter on financial reporting

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07 Feb, 2014

The Accounting and Reporting Policy team of the Financial Reporting Council (FRC) has today published the second edition of their quarterly newsletter on financial reporting. The newsletter covers the period October 2013 to January 2014 and details the activities of the FRC since the last newsletter was published which covered the period June to September 2013.

The newsletter “Setting the Standard” covers the following key areas:  

Updates are also provided on the following Financial Reporting Exposure Drafts (FREDs), published by the FRC:

  • FRED 49: Draft FRS 103 Insurance Contracts;
  • FRED 50: Draft FRC Abstract 1 – Residential Management Companies’ financial statements;
  • FRED 51: Draft amendments to FRS 102 – Hedge Accounting;
  • FRED 52: Draft amendments to the FRSSE – Micro-entities;
  • FRED 53: Amendments to FRS 101. 

The newsletter also highlights that FRED 54 on the classification of financial instruments under FRS 102 is to be published by the FRC in February 2014.  An indication is also provided on a future Financial Reporting Standard for Smaller Entities (FRSSE) project which will entail a review of the FRSSE in light of the new EU Accounting Directive and to consider how the FRSSE is aligned with the new UK GAAP framework.  An exposure draft is expected in June 2014.  The FRC comment: 

the tentative view is that the FRSSE should be withdrawn and instead small entities and micro-entities brought within the scope of FRS 102, so that a consistent framework and principles apply to all entities.  

Consultations open for comment are also listed. 

Please click here for the full newsletter on the FRC website.

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