Consultations – IFRS and UK GAAP: Aug-Nov 2019

This month’s accounting and audit consultations from the International Accounting Standards Board (IASB) and Financial Reporting Council (FRC) include narrow-scope amendments to tax treatments and disclosure policy under IAS 1, IFRS annual improvements and carbon reporting taxonomy

FRC consultations

FRED 72 Draft amendments to FRS 102 – Interest rate benchmark reform

Proposed amendments to hedge accounting under FRS 102 to reflect changes to interest rate benchmarks. Amendments to specific hedge accounting requirements in FRS 102 Section 12 Other Financial Instruments Issues to provide relief that will avoid unnecessary discontinuation of hedge accounting, during transition period from current LIBOR.

Closing date: 20 Sep 2019