The ACT believes the UK should skip using FRED 23 and go straight to using the international standard on the subject, IAS 39.
FRED 23 is an interim measure proposed by the ASB before the implementation of the international standard comes into force but the ACT believes such a stop gap is pointless. It also said such a move could have a damaging effect on the perception of the accounting profession.
Richard Raeburn, chief executive of the ACT, said: ‘We hope that the ASB will respond to our pragmatic view of the advantages for listed companies of moving straight to IAS 39 implementation and drop the plan to apply FRED 23 for a brief interim period.’
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