We comment on FRED 66 — Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle
24 Mar, 2017
We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 66 ‘Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle’.
We agree with the draft amendments to FRS 101. We also believe that it would be helpful if the amendments could also address an issue arising from IFRS 9 Financial Instruments (whether recording fair value gains and losses attributable to changes in credit risk in other comprehensive income is still seen as a departure from the requirement of paragraph 40 of Schedule 1 to the Regulations, as previously indicated in the Accounting Council’s advice to the FRC on the 2014/15 Cycle of amendments) now that it has been adopted by the EU.
Further comments and a full response to all questions raised in the invitation to comment are contained within the full comment letter.
