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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