The UK Accounting Standards Board (ASB) is
seeking comments on proposed amendments to accounting standards
SSAP 25 Segmental Reporting, FRS 8 Related Party Disclosures and
FRS 29 (IFRS 7) Financial Instruments: Disclosures.

The ASB said the amendments follow its annual
review of financial reporting standards for the UK and Republic of

They are largely based on amendments made by
the International Accounting Standards Board when it published its
annual Improvements to IFRS document last month.

The ASB said it is only proposing minimal
amendments to UK reporting standards because it is currently
reviewing the future of UK GAAP.

Under current ASB proposals, UK GAAP will be
replaced by IFRS for SMEs within the next few years.

The deadline for comment on the ASB’s proposed
amendments to SSAP 25, FRS 8 and FRS 29 is 30 August.