Our Financial Reporting Expert Group contributed to our response to FRC's consultation on FRED 54: Draft Amendments to FRS 102 – Basic financial instruments. We overall supported the proposed changes as we considered them to be an improvement on what currently exists. However, we noted our concern regarding the FRC making changes to FRS 102 after the transition date has passed for many entities. This causes uncertainty and lack of confidence in FRS 102 as a high quality framework, and for that reason, we suggested that the FRC reviews its procedures to establish what could be improved in future consultations. Furthermore, we noted that we continue to believe that accounting standards should be principles-based and encouraged the FRC to consider further revisions in this area in the next review cycle. Finally, although we consider the illustrative examples of Appendix to Section 11 Basic Financial Instruments to be useful, we suggested that they should be consolidated with other examples into one place.
QCA Response to FRC's consultation on FRED 54: Draft Amendments to FRS 102 – Basic financial instruments
Our Financial Reporting Expert Group contributed to our response to FRC's consultation on FRED 54: Draft Amendments to FRS 102 – Basic financial instruments.
