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ICAEW publishes its response on proposed amendments to FRS 101

  • ICAEW (Institute of Chartered Accountants in England and Wales) (lt green) Image

20 Mar 2015

The Institute of Chartered Accountants in England and Wales (ICAEW) has published its comment letter to the Financial Reporting Council (FRC) on Financial Reporting Exposure Draft (FRED) 57 ‘Draft amendments to FRS 101 'Reduced Disclosure Framework' (2014/15)’.

The main changes proposed by the FRC are to allow exemptions from the disclosure requirements of:

The ICAEW support all of the FRC's proposals and think that the proposed exemption from the requirement to present an opening statement of financial position on transition to FRS 101 will be particularly helpful. Because the proposed amendments do not appear controversial and are likely to be very useful to entities applying FRS 101 for the first time, the ICAEW would prefer that the FRC finalise these amendments without delay, rather than waiting for the amendments arising from the implementation of the EU Accounting Directive.

The full comment letter can be obtained from the ICAEW website.

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