The Accounting Standards Board (ASB) has today published Financial Reporting Standard (FRS) 29 (IFRS 7) ‘Financial Instruments: Disclosures’. The FRS has the effect of implementing in the UK the International Accounting Standards Board’s (IASB’s) Financial Reporting Standard, IFRS7 ‘Financial Instruments: Disclosures’ which was published in August 2005 and the related amendment to IAS 1 ‘Presentation of Financial Statements – Capital Disclosures’.
FRS 29 replaces the disclosure requirements of FRS 25 (IAS 32) ‘Financial Instruments: Disclosure and Presentation’, and applies to those entities applying FRS 26 (IAS 39) ‘Financial Instruments: Measurement’. The new standard is mandatory for these entities for accounting periods commencing on or after 1 January 2007, but earlier adoption is allowed to enable entities to move directly to the new requirements on first applying FRS 26, avoiding the need to make two changes in quick succession. The new standard also bases its risk disclosure requirements on the entity’s management’s internal risk monitoring information, so reducing the burden for additional data collection.
See full Press Release.
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