ASB issues Improvements to Financial Reporting Standards 2010

News types: Codes and Standards Announcements, Publications

Published: 12 November 2010

ASB PN 357

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.

Notes to Editors

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. Its functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline 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 IASB amendments can be obtained from the IASCF Publications Department – email: [email protected]. Website: www.iasb.org.

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