AMENDMENTS simplifying the preparation of disclosures about financial instruments for financial institutions and retirement benefit plans have been issued by the FRC.
Amendments to FRS 102 – Fair value hierarchy disclosures – were finalised following what the profession’s watchdog described as “an overwhelmingly positive response” to the consultation. As well as simplifying the preparation of the disclosures, the amendments are designed provide more meaningful information for users of the financial statements.
The amendments only apply to financial institutions and retirement benefit plans; other entities applying FRS 102 are unaffected by these amendments.
The FRC added that the move will more closely align the relevant disclosure requirements with those in IFRS 13 Fair Value Measurement and are effective for accounting periods beginning on or after 1 January 2017, with early application permitted.
Melanie McLaren, FRC executive director of codes and standards said: “In publishing these amendments we are responding to issues raised by stakeholders, who have confirmed the benefits they will bring, including reducing the potential costs of compliance with FRS 102 and improving the information available to users.”
The FRC is inviting comments from stakeholders on its proposed approach to updating FRS 102 to reflect changes in IFRS
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