Deloitte comment letter on FRED 80

Published on: 12 Aug, 2022

We have commented on Financial Reporting Exposure Draft (FRED) 80: Draft amendments to FRS 100 Application of Financial Reporting Requirements.

We agree with the proposed changes. Although the guidance is drafted at a high level, we appreciate that this is out of necessity and that judgement will be required to determine equivalence in some situations.

The lack of clarity over the status of UK-adopted IFRS Accounting Standards and UK GAAP in the European Union (EU) poses a challenge for a number of UK companies, particularly those with EU subsidiaries and those with securities admitted to trading in the EU. We encourage the FRC to work with the UK government and its EU counterparts to obtain confirmation that UK-adopted IFRS Accounting Standards and UK GAAP are deemed equivalent to EU-adopted IFRS Accounting Standards and/or accounts drawn up under the EU Accounting Directive.

The full comment letter can be downloaded below.


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