Share with your friends

Earlier this year the FRC issued a consultation on proposed amendments to FRS 102 known as FRED 67.

Earlier this year the FRC issued a consultation

The FRC has now finalised these amendments.


Key contacts

Steve stormonth audit executive director kpmg in the channel islands


KPMG Channel Islands Limited


Also on


The Financial Reporting Council (‘FRC’) have announced the proposals put forward in Financial Reporting Exposure Draft 67 (‘FRED 67’) have been finalised (see announcement here). The key proposals are:

  • Simplifying the accounting for directors’ loans by small entities by no longer requiring a market rate of interest to be estimated;
  • Require fewer intangible assets to be separated from goodwill in a business combination;
  • Permitting investment property rented to another group entity to be measured based on cost (rather than fair value); 
  • Amendments to the classification of financial instruments, allowing more to be measured based on cost not fair value; and
  • Simplification of the definition of financial institutions.   

These amendments will be effective for accounting periods beginning after 1 January 2019 but early adoption is permitted. The full amendments are available here.  

Connect with us


Want to do business with KPMG?


loading image Request for proposal