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Consultation on FRS updates

31 Dec 08

The Accounting Standards Board (ASB) has issued for public comment proposals to amend Financial Reporting Standard (FRS) 2 Accounting for Subsidiary Undertakings, FRS 6 Acquisitions and Mergers and FRS 28 Corresponding Amounts

The amendments arise from the introduction of the Companies Act 2006 and from the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.

The object of the financial reporting exposure draft is not to amend the requirements of these FRSs but to update them so that they correspond with the current legal requirements.

The ASB has considered the cost and benefits of amending existing FRSs. Its view is that retaining the existing FRSs with redundant references would diminish their usefulness and it should therefore update the legal references. The ASB’s conclusion is that the benefits of amending the legal references outweigh any costs involved.

The ASB is inviting comments on any of the proposals until 5 March 2009.

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