ASB Issues Convergence Standards

The Accounting Standards Board (ASB) has today issued six standards, which represent a major step towards aligning the text of UK accounting standards with that of International Financial Reporting Standards (IFRS) as part of the ASB’s strategy for convergence with IFRS.



The six standards are:

FRS 22 (IAS 33) ‘Earnings per Share’

FRS 23 (IAS 21) ‘The Effects of Changes in Foreign Exchange Rates’

FRS 24 (IAS 29) ‘Financial Reporting in Hyperinflationary Economies’

FRS 25 (IAS 32) ‘Financial Instruments: Disclosure and Presentation’

FRS 26 (IAS 39) ‘Financial Instruments: Measurement’

‘Amendment to FRS 2 ‘Accounting for Subsidiary Undertakings: Legal Changes’.

See full Press Release.