12.11.2010: ASB issues Improvements to Financial Reporting Standards 2010

The Accounting Standards Board (ASB) has today published a Financial Reporting Standard (FRS) “Improvements to Financial Reporting Standards 2010”. The ASB is publishing this FRS so as to maintain the existing levels of convergence between UK and International Financial Reporting Standards (IFRS), which 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. In addition, consideration was given by the ASB to other changes made by the IASB to IFRSs and to other financial reporting matters raised by constituents. The ASB has made minimal amendments to FRS, given its current proposals on the Future of UK Financial Reporting Standards.

The amendments to FRS identify the date from which it is proposed each amendment will become effective.

Source: GAAP.ru