FRS 28 Corresponding Amounts

FRS 28 (October 2005) (PDF)

Amendments to FRS 2, FRS 6 and FRS 28: Legal Changes (June 2009) (PDF)

FRS 28 sets out the requirements for the disclosure of corresponding amounts1 for items shown in an entity’s primary financial statements and the notes to the financial statements.

The ASB issued an amendment to FRS 6 in June 2009. The amendment updates the references in the FRS such that they correspond with the requirements set out in the Companies Act 2006 and the Large and Medium-sized Companies and Group (Accounts and Reports) Regulations 2008.

The FRS is effective for financial statements relating to accounting periods which begin on or after 1 January 2005 and which end on or after 1 October 2005. The amended FRS takes effect for accounting periods beginning on and/or after 6 April 2008, when the provisions of the Act/or the Regulations are applied to other entities (eg. limited liability partnerships), if later.

The requirements of the FRS apply to financial statements that are intended to give a true and fair view except where an accounting standard or Urgent Issues Task Force Abstract permits or requires an alternative treatment.

Reporting entities applying the Financial Reporting Standard for Smaller Entities (FRSSE) currently applicable are exempt from the FRS.

FRS 28 requires corresponding amounts to be shown for items in the primary financial statements and notes to the financial statements. Where corresponding amounts are not directly comparable with the amount to be shown in respect of the current financial year, they shall be adjusted and the basis for adjustment disclosed in a note to the financial statements.

The FRS permits a reporting entity not to show corresponding amounts for certain items in the notes to the financial statements that were previously exempted under company law. It also does not require corresponding amounts for the earliest period presented where financials statements for two or more consecutive periods are presented together.

The development of the FRS started in March 2005 when the ASB issued FRED 35 ‘Corresponding Amounts’. Reflecting respondents view the FRS adopts the proposals in FRED 35. Consistent with the objective of the FRS to maintain the existing legal requirements for corresponding amounts a consequential amendment has been made to the Financial Reporting Standard for Smaller Entities (effective January 2005).


Also described as ‘comparative figures’ or ‘comparative information’ in other accounting standards.