The Accounting Standards Board (ASB) has today published a Financial Reporting Exposure Draft (FRED) proposing amendments to SSAP 25 ‘Segmental Reporting’, to FRS 8 ‘Related Party Disclosures’ and to FRS 29 (IFRS 7) ‘Financial Instruments: Disclosures’.

The amendments are the result of the ASB’s annual review of Financial Reporting Standards for the UK and Republic of Ireland (FRS). The annual review is driven principally from the amendments made by the International Accounting Standards Board (IASB) in its International Financial Reporting Standard (IFRS) ‘Improvements to IFRSs’ published in May 2010. In addition, consideration is 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 sought to make minimal amendments to FRS, given its current proposals on the Future of UK Generally Accepted Accounting Practice.

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

The comment period for the FRED closes on 30 August 2010.
 

1. The Accounting Standards Board (ASB) is an operating body of the Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. FRC functions are exercised principally by its operating bodies (the ASB, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy Discipline and Investigation Board) and by the FRC Board. The Committee on Corporate Governance assists the Board in its work on corporate governance.
    
2. The role of the ASB is to oversee the financial reporting requirements for UK entities. This is done by maintaining and improving UK Financial Reporting Standards (FRS) and influencing the development of international standards. The ASB achieves this by collaborating with accounting standard-setters from other countries and the International Accounting Standards Board (IASB).
    
3. The ASB has ten Board members, of whom two (the Chairman and the Technical Director) are full-time, and the remainder, who have a variety of experiences as preparers, auditors and users of financial reports, are part-time. 
    
4. The FRED can be downloaded, free of charge, from the ASB’s website at www.frc.org.uk/asb/publications. Hard copies of the FRED can be obtained at a cost of £15.00 (post-free) from FRC Publications, 145 London Road, Kingston Upon Thames, Surrey, KT2 6SR (020 8247 1274). Web: www.frcpublications.com. 
    
5. The IASB amendments can be obtained from the IASCF Publications Department – e-mail: publications@iasb.org. Website: www.iasb.org. 
    
6. Press enquiries should be directed to Ian Mackintosh (Chairman) on 020 7492 2434, David Loweth (Technical Director) on 020 7492 2420 or Grant Chatterton (Project Director) on 020 7492 2426.