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The Financial Reporting Council (FRC), has issued amendments to FRS102 relating to the definition of basic financial instruments and hedging. Financial instruments include loans and investments. This may be of interest to Credit Unions with more complex loan or share products as it widens the definition of what is classified as a basic financial instrument. The wider definition may help a number of organisations but the frequent changes to the standard (before it has even been released) will add to the confusion. The amendments can be accessed here and we would advise Credit Unions to review the changes.

The rules of FRS 102 are significantly different that the previous accounting rules and in particular the rules on financial instruments are complicated. If you require further assistance with FRS 102 then please contact us to see how we can assist.