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Deloitte comment letter on FRED 72 - 'Draft amendments to FRS 102 - Interest rate benchmark reform'

Published on: 27 Sep 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 72 'Draft amendments to FRS 102 - Interest rate benchmark reform'.

We are supportive of the overall approach to reflect the International Accounting Standards Board’s  proposals in ED/2019/1 'Interest Rate Benchmark Reform – Proposed Amendments to IFRS 9 and IAS 39' in FRS 102 to the extent relevant in order to ensure the amendments are available to all entities on a timely basis and that no significant deviations occur between International Financial Reporting Standards (IFRS) and UK Generally Accepted Accounting Practice (UK GAAP).

We believe an additional practical expedient in relation to the measurement of hedge ineffectiveness should be made available to preparers applying Sections 11 and 12 of FRS 102 in full.

Further comments and a full response to all questions raised in the invitation to comment are contained within the full comment letter below.

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