About the CFDG
Financial Reporting Exposure Draft (FRED) 42: Heritage Assets
This consultation is now closed.
CFDG's general stance in response to this FRED 42 is disappointment that it does not
progress the issue of accounting arrangements for heritage assets. Instead we are back to a
system of partial disclosure that provides very little benefit to the reader of the accounts. In this
vein it is our belief that FRED 42 should not be issued as a reporting standard and more work
should be done to find an acceptable solution to accounting for heritage assets.
More information:
FRED 42 and the accompanying Press Notice are available online:
http://www.frc.org.uk/asb/technical/projects/project0066.html