FRC issues amendments to fair value disclosures in FRS 102

FRC issues amendments to fair value disclosures in FRS 102

As well as simplifying the preparation of the disclosures, the amendments are designed provide more meaningful information for users of the financial statements

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.”

Related Articles

Is it time for moratorium on board room positions for former partners?

Accounting Standards Is it time for moratorium on board room positions for former partners?

2m Gary Dixon, Association of Independent Non-Executive Directors
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

1y Alia Shoaib, Reporter
Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

Accounting Standards Ex-RSM Tenon CEO fined; ex-FD and PwC face complaints over its accounting

2y Kevin Reed, Writer
Sports Direct implements FRC corrections in annual reporting

Accounting Standards Sports Direct implements FRC corrections in annual reporting

2y Stephanie Wix, Writer
Watchdog launches audit investigation into Sports Direct

Accounting Firms Watchdog launches audit investigation into Sports Direct

2y Stephanie Wix, Writer
Record fine for Deloitte and audit partner over Aero misconduct

Accounting Standards Record fine for Deloitte and audit partner over Aero misconduct

2y Stephanie Wix, Writer
Cashflow statement improvements targeted by watchdog

Accounting Standards Cashflow statement improvements targeted by watchdog

2y Stephanie Wix, Writer
FRC expects Brexit narrative within annual reports

Accounting Standards FRC expects Brexit narrative within annual reports

2y Stephanie Wix, Writer