ICAEW comments on FRED 62 — Draft amendments to FRS 102 – Fair value hierarchy disclosures
21 Dec, 2015
The Institute of Chartered Accountants in England and Wales (ICAEW) has published its comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 62 ‘Draft amendments to FRS 102 – Fair value hierarchy disclosures’.
FRED 62 was published in November 2015. 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.
The ICAEW supports the proposed amendments. It comments that the proposed amendments “would improve the comparability of financial statements prepared under FRS 102 with those prepared under EU-adopted IFRS”. It recommends that the amendments are finalised without delay.
The full comment letter is available on the ICAEW website.
