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FINANCIAL REPORTING STANDARDS |
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PROPOSED IMPROVEMENTS TO FINANCIAL REPORTING STANDARDS
The Accounting Standards Board has issued a Financial Reporting Exposure Draft (FRED) of improvements to Financial Reporting Standards. The proposed amendments are a response the process of annual improvements by the International Accounting Standards Board’s (IASB). In May 2008 the IASB issued an International Financial Reporting Standard, Improvements to IFRSs, which made amendments to a number of International Financial Reporting Standards. The FRED was therefore issued to maintain the existing levels of convergence between Financial Reporting Standards in the UK and International Financial Reporting Standards. In addition, the ASB has taken this opportunity to: » propose improvements to UK FRS that have been brought to its attention; » update UK IFRS-based FRS where the equivalent IFRS has been amended or updated; and » revise UK FRS editorially. The ASB has invited comments on its proposals by 27 September 2008. |
