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On-going Projects

FRED 69: FRS 101 Reduced Disclosure Framework - 2017/18 cycle

The FRC issued FRED 69: FRS 101 Reduced Disclosure Framework - 2017/18 cycle on the 30 October 2017.

The comment period closes on 2 February 2018.

FRED 68 Draft amendments to FRS 102 - Payments by subsidiaries to their charitable parents that qualify for gift aid

The FRC issued the FRED 68 Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland Payments by subsidiaries to their charitable parents that qualify for gift aid on 20 September 2017.

It sets out proposals to amend FRS 102 to require the tax effects of a gift aid payment that it is probable will be made in the nine months following the reporting date to be taken into account at the reporting date. It also clarifies that the gift aid payment shall not be accrued at the reporting date (unless a deed of covenant is in place) and shall be recognised in equity.

The comment period closes on 20 October 2017.

FRED 67 Draft amendments to FRS 102 - Triennial review 2017 - Incremental improvements and clarifications

The FRC issued FRED 67 Draft amendments to FRS 102 - Triennial review 2017 - Incremental improverments and clarifications on 23 March 2017.

The proposals in this FRED have arisen as a result of the triennial review of FRS102, and after taking into account of stakeholder feedback on the implementation of FRS 102.

The comment period closes on 30 June 2017.

Implementation issues

The Accounting Council and its UK GAAP Technical Advisory Group will review any issues arising relating to the implementation of FRS 102, as they arise.  Decisions will be taken on a case-by-case basis about the best way to address issues such as editorial points, areas where FRS 102 is silent and areas where divergence in accounting practice seems to be emerging.