Just one comment to the Financial Reporting Council, to start with:
It's a Residents' Management Company NOT a Residential Management Company. Look at any lease with an RMC for clarification.
This demonstrates a fundamental misunderstanding of what it is that you are dealing with. Whilst it may only be semantics in some eyes, in my view it is an entirely different thing and at very least is confusing for consumers and members/shareholders of RMCs.
This is the first of many areas that need clarification, most of them raised by respondents to the FRED 50 consultation (see below).
The consultation document can be seen here:
http://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/FRED-50-Draft-FRC-Abstract-1-Residential-Managemen-File.pdf
Read the fascinating responses to FRED 50 here:
https://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/FRED-50-Draft-FRC-Abstract-1-Residential-Managemen/Responses-to-FRED-50.aspx
It's a Residents' Management Company NOT a Residential Management Company. Look at any lease with an RMC for clarification.
This demonstrates a fundamental misunderstanding of what it is that you are dealing with. Whilst it may only be semantics in some eyes, in my view it is an entirely different thing and at very least is confusing for consumers and members/shareholders of RMCs.
This is the first of many areas that need clarification, most of them raised by respondents to the FRED 50 consultation (see below).
The consultation document can be seen here:
http://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/FRED-50-Draft-FRC-Abstract-1-Residential-Managemen-File.pdf
Read the fascinating responses to FRED 50 here:
https://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/FRED-50-Draft-FRC-Abstract-1-Residential-Managemen/Responses-to-FRED-50.aspx
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