Posted by Ronan Clinton in Audit on 21 May 2009
The Accounting Standards Board (ASB) has today issued ‘Amendments to FRS 29 – Improving Disclosures about Financial Instruments’. The amendments are based on those issued by the International Accounting Standards Board (IASB) in March 2009. This package of amendments is part of the standard setting response to the credit crisis by improving the quality of information disclosed in financial statements about financial instruments.
The ASB issued an exposure draft of the amendments in November 2008. Constituents in the United Kingdom and the Republic of Ireland were broadly supportive of the proposed changes to FRS 29. The strong view coming through the responses was that the ASB should ensure FRS 29 remains converged with International Financial Reporting Standard (IFRS 7) ‘Financial Instruments: Disclosures’.
The amendments to FRS 29 require enhanced disclosures about fair value measurements and liquidity risk. The ASB also took this opportunity to incorporate credit risk disclosures for loans and receivable as this requirement in IFRS 7 had not previously been adopted into UK GAAP.
Entities are required to apply the amendments to annual periods beginning on or after 1 January 2009. A copy of the ASB statement is available on the website.
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