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ASB seeks views on fair value

31 Dec 08

The Accounting Standards Board (ASB) has issued for public comment proposals to improve information disclosed about the fair value of ?nancial instruments and liquidity risk. These proposals are based on an exposure draft issued by the International Accounting Standards Board (IASB) in October 2008 as part of its response to the credit crisis

The exposure draft (ED) Improvements to Financial Instrument Disclosures proposes amendments to Financial Reporting Standard (FRS)

29 Financial Instruments: Disclosures. These proposed changes are necessary to maintain convergence with International Financial Reporting Standard 7 Financial Instruments: Disclosures.

The ED proposes two principal changes:

• Improving the basis for disclosing information about the fair value of financial instruments; and

• Clarifying the disclosures on liquidity risk.

The comment period closes on 30 January. The early deadline is necessary to ensure that UK GAAP (generally accepted accounting practice) remains consistent with equivalent international requirements and that UK companies are given sufficient time to comply with any changes the board makes.

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