The FRC states that this will 'improve ease of use of the standards and reduce the cost of compliance'.
The amendments have the same effective date, 1 January 2015, as FRS 102. They 'relate to financial instruments:
- updating the requirements on hedge accounting, making hedge accounting more readily available to entities where it is consistent with their risk management processes;
- relaxing the conditions for regarding financial instruments as ‘basic’, with the effect that more financial instruments will be measured by reference to cost rather than fair value'.
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