ASB issues Amendments to FRS 29 (IFRS 7) 'Disclosures - Transfers of Financial Assets'
News types: Publications
Published: 7 July 2011
ASB PN 363
The Accounting Standards Board (ASB) of the FRC has today published amendments to FRS 29 (IFRS 7), ‘Financial Instruments: Disclosures,’ (PDF) adding requirements to that standard in relation to disclosures on transfers of financial assets. The amendments enhance the information currently provided in financial statements in relation to risk exposures arising from transfers of financial assets by an entity. This will enable users of financial statements to evaluate an entity’s risk exposure arising from transfers of financial assets, as well as any resulting impact on the financial position.
The need for the amendments arose as a result of the International Accounting Standards Board (IASB) amendments to the disclosure requirements in International Financial Reporting Standard (IFRS) 7 ‘Financial Instruments: Disclosures’ during October 2010.
As the requirements in FRS 29 are converged with those in IFRS 7, the ASB amendments to FRS 29 (IFRS 7) are, therefore, identical to the IASB amendments and would ensure that the requirements in the two standards do not diverge.
Entities are required to apply the amendments for annual periods beginning on or after 1 July 2011.
Notes to Editors
The need for the amendments arose as a result of the International Accounting Standards Board (IASB) amendments to the disclosure requirements in International Financial Reporting Standard (IFRS) 7 ‘Financial Instruments: Disclosures’ during October 2010.
As the requirements in FRS 29 are converged with those in IFRS 7, the ASB amendments to FRS 29 (IFRS 7) are, therefore, identical to the IASB amendments and would ensure that the requirements in the two standards do not diverge.
Entities are required to apply the amendments for annual periods beginning on or after 1 July 2011.
Notes to Editors
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
- 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).
- The ASB currently has eight Board members, of whom one (the Technical Director) is full-time, and the remainder, who have a variety of experiences as preparers, auditors and users of financial reports, are part-time.