Earlier this year the FRC issued a consultation | KPMG | QM
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Earlier this year the FRC issued a consultation on proposed amendments to FRS 102 known as FRED 67.

Earlier this year the FRC issued a consultation

The FRC has now finalised these amendments.

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The Financial Reporting Council (‘FRC’) have announced the proposals put forward in Financial Reporting Exposure Draft 67 (‘FRED 67’) have been finalised (see announcement here). The key proposals are:

  • Simplifying the accounting for directors’ loans by small entities by no longer requiring a market rate of interest to be estimated;
  • Require fewer intangible assets to be separated from goodwill in a business combination;
  • Permitting investment property rented to another group entity to be measured based on cost (rather than fair value); 
  • Amendments to the classification of financial instruments, allowing more to be measured based on cost not fair value; and
  • Simplification of the definition of financial institutions.   

These amendments will be effective for accounting periods beginning after 1 January 2019 but early adoption is permitted. The full amendments are available here.  

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