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ASB issues improvements to FRS

The Accounting Standards Board (ASB) has released a new report containing improvements to Financial Reporting Standards (FSB) for 2010.

The report, ‘Improvements to Financial Reporting Standards 2010’ has been published to maintain the existing levels of convergence between UK and International Financial Reporting Standards (IFRS), the ASB said in a statement.

The organisation said it hopes the amendments will assist groups “in preparing consistent financial statements where their consolidated and subsidiary financial statements are prepared in accordance with IFRS and FRS respectively. “

The amendments were drawn up from feedback following the publication of a Financial Reporting Exposure Draft (FRED) in June, issued after an annual review of FRS.

The ASB says it has made “minimal” amendments to FRS, given its current proposals on the Future of UK Financial Reporting Standards.

The Financial Reporting Council (FRC) is the UK’s independent regulator, responsible for corporate governance.

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