This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FRC publishes FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform'

  • FRC Image

12 Jul 2019

The Financial Reporting Council (FRC) has published FRED 72 'Draft amendments to FRS 102 – Interest rate benchmark reform'.

The exposure draft proposes narrow scope amendments to specific hedge accounting requirements in Section 12 of FRS 102 to provide relief that will avoid unnecessary discontinuation of hedge accounting as interest rate benchmarks are reformed.  Entities will apply those hedge accounting requirements assuming that the interest rate benchmark relevant to the hedge accounting is not altered as a result of interest rate benchmark reform.

FRED 72 is based on similar proposals issued by the IASB, and has a proposed effective date of 1 January 2020, with early application permitted.  Comments are requested by 20 September 2019.

A press release and the exposure draft are available on the FRC website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.