The Financial Reporting Council (FRC) has issued two Exposure Drafts proposing amendments to UK and Ireland accounting standards. Both reflect topical issues. FRED 75 Draft amendments to FRS 104 – Going concern proposes to: clarify the requirement to assess the going concern basis of accounting; and require the disclosure of any related material uncertainties, when preparing interim financial statements in accordance with FRS 104.
FRED 76 Draft amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions proposes explicit requirements for accounting for temporary rent concessions for operating leases occurring as a direct consequence of the COVID-19 pandemic, and within a limited timeframe. Both comment periods end on 1st September 2020. To read more please click here.