Need to know — FRC consults on changes to accounting standards as a result of implementation of the EU Accounting Directive

Published on: 20 Feb, 2015

This publication from Deloitte discusses the Financial Reporting Council's three financial reporting exposure drafts (FREDs) proposing changes to the existing UK financial reporting framework resulting from the UK implementation of the EU Accounting Directive.

  • FRED 58 introduces a separate, simplified standard for micro-entities.
  • FREDs 59 and 60 amend Financial Reporting Sandards (FRSs) 100, 101 and 102 to introduce a new regime for small companies and make other consequential amends to the standards resulting from the changes to UK company law. The FRSSE will be withdrawn once these amendments are approved.

The proposed new standard and amendments, once finalised, will be effective for accounting periods beginning on or after 1 January 2016 with earlier application permitted subject to some restrictions.

The FRC is requesting comments on the FREDs by 30 April 2015.


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