A new exposure draft suggests how the ASB's proposals for UK
GAAP will apply to public benefit entities.
Following on from FRED 43 and 44, the ASB has now issued an
exposure draft which sets out the financial reporting requirements
for public benefit entities (PBEs) which were excluded from those
standards. FRED 45 'Financial Reporting Standard for Public
Benefit Entities' (FRSPBE) will be an add-on standard to the
FRSME. While FRED 45 currently states a proposed date of
application of the FRSPBE of 1 July 2013, it is assumed that this
will be aligned with any later date of application of the
FRSME.
The draft FRSPBE contains guidance on a number of accounting
treatments (including presentation and disclosure) specific to
PBEs, many of which are consistent with current practice in the
sector. These are considered briefly here.
