Converging with IASB standards on financial instruments – ASB plans for implementation in the UK

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Originally uploaded by governancefocus.

The IASB will shortly be issuing a new standard on disclosures, IFRS 7 ‘Financial Instruments: Disclosures’. It also recently issued amendments to its financial instruments standards IAS 32 ‘Financial Instruments: Disclosure and Presentation’ and IAS 39 ‘Financial Instruments: Recognition and Measurement’, and will shortly be issuing a further amendment to IAS 39.

In order to help entities reporting under UK standards prepare, the ASB has set out in this paper its plans for implementation of IFRS 7 and the IASB amendments in the UK. This paper also reminds entities of the ASB’s proposals to extend the scope of FRS 26 and incorporate the recognition and derecognition criteria of IAS 39. Some of these are still subject to consultation, and the ASB may revise them after consideration of the responses received.

See full Press Release, in pdf format.