Financial Reporting Standard 5

The Accounting Standards Board have now issued Financial Standard Reporting 5 (FRS5) – Reporting the Substance of Transactions. Highlights two principal changes to the Financial Reporting Exposure 4 (FRED4)which have been incorporated into FRS5, namely offset and partial de‐recognition. Briefly discusses the ″linked presentation″ rules which were set out in FRED4 and have now been implemented in FRS5.