FRC: Summary of ASB's meeting held in June 2011
16 June 2011
During the meeting held on 16 June 2011, the ASB has tentatively agreed to a number of amendments to its proposed revised differential reporting framework. The ASB decided to reduce its impacts on certain entities and extend its proposed application date.
The following tentative decisions were made at the ASB´s meeting held on 16 June:
1. To remove from FRED 43 'Application of Financial reporting Requirements' and 44 'Financial Reporting Standard for Medium-sized Entities' the requirement for publicly accountable entities to prepare accounts under EU-adopted IFRS. As a consequence the application of EU-adopted IFRS will not be extended beyond the current requirements in law;
2. To change the principles for amending the IFRS for SMEs to permit or require accounting options that exist in current UK & Republic of Ireland Financial Reporting Standards at the transition date that align with EU-adopted IFRS; and
3. To defer the effective date to 1 January 2014.
The Board deferred a decision on whether to introduce the proposed reduced disclosure framework set out in FRED 43. The Board requested that the staff undertake further work on the proposals in light of its decision to change the principles for amending the IFRS for SMEs.
Press release
© FRC
