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Deloitte comment letter on FRED 66 — 'Draft amendments to FRS 101 ‘Reduced Disclosure Framework’ 2016/17 Cycle'

Published on: 24 Mar 2017

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 which can be downloaded below.

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