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
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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.
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FRED 58 introduces a separate, simplified standard for micro-entities.
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.
Related Topics
- FRED 50 Residential Management Companies' Financial Statements
- FRED 52: ‘Draft amendments to the Financial Reporting Standard for Smaller Entities (effective April 2008) - Micro-entities
- FRED 58 — Draft FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime
- FRED 59 — Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Small entities and other minor amendments
- FRED 60 — Draft amendments to FRS 100 Application of Financial Reporting Requirements and FRS 101 Reduced Disclosure Framework
- FRSSE (effective January 2015)
