UK ASB issues Amendments to FRS 29

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07 Jul, 2011

The UK Accounting Standards Board (ASB) of the Financial Reporting Council (FRC) has published Amendments to FRS 29 (IFRS 7) 'Financial Instruments: Disclosures': Disclosures Transfers of Financial Assets.

The goal of the Amendments is to improve the disclosures on transfers of financial assets. The Amendments incorporate new disclosure requirements that will help users of financial statements evaluate an entity's risk exposure arising from transfers of financial assets, as well as any resulting impact on its financial position. The ASB has issued these Amendments to keep FRS 29 aligned with IFRS 7, which the IASB amended in October 2010.

The Amendments to FRS 29 are effective for annual periods beginning on or after 1 July 2011.

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