Comments from ACCA
ACCA is pleased to have this opportunity to comment on the exposure draft (FRED) on the above subject. The FRED was considered by ACCA's Financial Reporting Committee and I am writing to give you their views.
We agree that the ASB should amend the existing FRSs to update them for the introduction of the Companies Act 2006 and from The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. We understand that the potential convergence of UK GAAP with IFRS would mean that more wide ranging changes would again be required. However, retaining the redundant references would be an unnecessary hindrance to users of these standards, while the cost of making the proposed amendments would not be significant.