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February 28, 2011

ASB amends FRS 29

The Accounting Standards Board (ASB) has proposed amendments to improve the disclosures on transfers of financial assets.

The proposals amend the disclosure requirements in FRS 29 (IFRS 7) Financial Instruments: Disclosures to help users of financial statements evaluate an entity’s risk exposure arising from transfers of financial assets as well as any resulting impact on its financial position.

The amendment enhances the information currently provided in financial statements in relation to risk exposures arising from transfers of financial assets by an entity. The changes are identical to those made by the IASB ensuring the requirements in the two standards do not diverge.

The ASB said the need for the proposed amendment is a result of the International Accounting Standards Board amendments of the disclosure requirements in IFRS 7 Financial Instruments: Disclosures in October 2010.

Deadline for comment on the amendments is 30 April 2011.

 

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