ICAEW comment letter on FRED 63 — Draft amendments to FRS 101 'Reduced Disclosure Framework' - 2015/16 cycle
06 Apr, 2016
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) 63 'Draft amendments to FRS 101 'Reduced Disclosure' Framework - 2015/16 cycle'.
The ICAEW “broadly” supports the proposed amendments. However it comments that there is “ongoing confusion about the requirement for a qualifying entity to notify its shareholders in writing about its intention to apply the reduced disclosure regime in FRS 101”. The ICAEW believes that this area should be considered further by the FRC, potentially as part of its 2016/17 review of FRS 101. Due to the uncertainty, the ICAEW believes that there is a “strong case” for the FRC to develop some guidance in this area.
The full comment letter is available on the ICAEW website.
