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Need to know — FRC publishes final amendments to the financial instruments requirements of FRS 102

Published on: 29 Jul 2014

This publication from Deloitte discusses the amendments to FRS 102 published by the Financial Reporting Council (FRC) following consultation on the proposals set out in both Financial Reporting Exposure Draft (FRED) 51 Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland: Hedge Accounting and FRED 54 Draft amendments to FRS 102 – Basic financial instruments

The amendments make hedge accounting available in more circumstances and less onerous to apply.

The revised standard also permits amortised cost measurement for a broader range of debt instruments.

These are the final amendments to FRS 102 for financial instruments before its mandatory effective date (1 January 2015), enabling FRS 102 reporters to make an informed decision about which recognition and measurement rules to apply.

The amendments include flexible transition provisions allowing retrospective designation of hedge relationships irrespective of which recognition and measurement rules are applied.


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