ASB amends reporting standards
12 Nov 10
Changes reflect feedback on June’s Exposure Draft and target groups’ financial statements
The Accounting Standards Board (ASB) has published a new Financial Reporting Standard (FRS) intended to maintain the existing levels of convergence between UK and International Financial Reporting Standards (IFRS). Titled ‘Improvements to Financial Reporting Standards 2010’, the FRS will assist groups in preparing consistent financial statements, where their consolidated and subsidiary financial statements are prepared in accordance with IFRS and FRS respectively. The FRS includes amendments to SSAP 25 ‘Segmental Reporting’, FRS 8 ‘Related Party Disclosures’ and FRS 29 (IFRS 7) ‘Financial Instruments: Disclosures’.
The amendments take into account comments received in response to the publication of a Financial Reporting Exposure Draft (FRED) in June 2010, which was issued following the ASB’s annual review of FRS. The annual review was driven principally from the amendments made by the International Accounting Standards Board (IASB) in its IFRS ‘Improvements to IFRSs’ published in May 2010. The ASB also considered other changes made by the IASB to IFRSs and to other financial reporting matters raised by constituents.