The Irish Funds Financial Reporting Working Group have issued a paper which seeks to provide assistance to the preparers of financial statements when categorising financial instruments within the fair value hierarchy under FRS 102. While the FRC recently issued FRED 62: Draft amendments to FRS 102, fair value hierarchy disclosures,  the proposed amendment is expected to be introduced on or around March 2016 for accounting periods beginning on or after 1 January 2017 (with early application being permitted). As such, the attached industry guidance should be of assistance in the intervening period until the FRC finalise their position.