The Accounting Standards Board (ASB) has
published amendments to enhance the disclosures on transfers of
The amendments relate to disclosure
requirements in FRS 29 (IFRS 7) ‘Financial Instruments:
Disclosures’ and will enable users of financial statements to
evaluate an entity’s risk exposure arising from transfers of
financial assets and any resulting impact on the financial
The amendments enhance 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.
Entities are required to apply the amendments
for annual periods beginning on or after 1 July 2011.