The Financial Reporting Council (FRC) has issued FRED 54 Draft Amendments to FRS 102 – Basic financial instruments
The proposals amend the requirement for businesses to measure debt instruments at fair value.
The consultation was short and closed on 30 April 2014.
In July 2014, the FRC issued Amendments to FRS 102, 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland': Basic financial instruments and Hedge accounting.
The amendments revise the criteria that determine whether a debt instrument is ‘basic’ and is intended to reduce the need for entities to measure debt instruments at fair value.
The introduction of new UK GAAP began on 1 January 2015.