ASB sets out draft reporting standards
4 Aug 08
The Accounting Standards Board (ASB) has issued a Financial Reporting Exposure Draft (FRED) of Improvements to Financial Reporting Standards
The amendments proposed in the FRED arise as a consequence of the annual improvements process of the International Accounting Standards Board (IASB).
In May, the IASB issued an international financial reporting standard, Improvements to IFRSs, which made amendments to a number of international financial reporting standards (IFRS).
The new FRED seeks to maintain the existing levels of convergence between UK and IFRSs. The proposals in the FRED include the same improvements to UK FRS as those made to IFRS where the UK standard is based on its international equivalent.
In addition to the improvements arising from the IASB’s annual improvements process the ASB has taken the opportunity to propose improvements to UK FRS which have been brought to its attention; to update UK IFRS-based FRS where the equivalent IFRS has been amended or updated; and to update UK FRS for editorial changes.
The ASB is inviting comments on its proposals by 27 September.