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FRC publishes latest edition of quarterly newsletter on financial reporting

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26 May 2015

The Accounting and Reporting Policy team of the Financial Reporting Council (FRC) has published its latest edition of its quarterly newsletter on financial reporting. The newsletter covers the period December 2014 to May 2015 and details the activities of the FRC since the last newsletter was published which covered the period July 2014 to November 2014.

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

  • The FRC's three financial reporting exposure drafts (FREDs) proposing changes to the existing UK financial reporting framework resulting from the UK implementation of the EU Accounting Directive.  These are FRED 58, FRED 59 and FRED 60.
  • Other UK GAAP updates including:
    • Amendments to FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ – pension obligations in February 2015. The amendments clarify aspects of the accounting for defined benefit pension plans under FRS 102.
    • The issuance of Financial Reporting Standard (FRS) 104 Interim Financial Reporting in March 2015 which sets out a new standard on interim reporting for entities that apply FRS 102 in the UK and Republic of Ireland’ in their annual financial statements.
    • The issuance of FRED 61 Draft amendments to FRS 102 – Share-based payment transactions with cash alternatives in April 2015 which proposes a narrow scope amendment to clarify and simplify the accounting for share and share option awards where a cash settlement alternative exists.
  • An update on the International Accounting Standard Board’s (IASB’s) Leasing, Insurance and Disclosure Initiative projects.  The newsletter specifically highlights the FRC’s comment letter in relation to the IASB’s exposure draft Disclosure Initiative (Proposed amendments to IAS 7) which aims to clarify IAS 7 to improve information provided to users of financial statements about an entity's financing activities and liquidity and the Financial Reporting Lab work in this area.
  • Current projects of the Financial Reporting Lab. 

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

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