Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 34 Specialised Activities
Public Benefit Entity Concessionary Loans
Accounting treatment
PBE34.89Entities making or receiving public benefit entity concessionary loans shall use either:
 (a)the recognition, measurement and disclosure requirements in Section 11 Basic Financial Instruments or Section 12 Other Financial Instruments Issues (for example, Section 11 requires initial measurement at fair value and subsequent measurement at amortised cost using the effective interest method); or [AMD 581]
 (b)the accounting treatment set out in paragraphs PBE34.90 to PBE34.97 below.
 A public benefit entity or an entity within a public benefit entity group shall apply the same accounting policy to concessionary loans both made and received.
AMD 581

Amendment

Paragraph PBE34.89(a) amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

(a) the recognition, measurement and disclosure requirements in Section 11 Basic Financial Instruments or Section 12 Other Financial Instruments Issues (for example, Section 11 requires initial measurement at fair value and subsequent measurement at amortised cost using the effective interest method); or
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