UK ASB issues Financial Reporting Exposure Draft: Amendments to FRS 29

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28 Feb 2011

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

The goal of the exposure draft is to improve the disclosures on transfers of financial assets. The proposals incorporate new disclosure requirements that would 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 this exposure draft to keep FRS 29 aligned with the disclosure requirements in IFRS 7, which the IASB amended in October 2010.

Comments are due by 30 April 2011.

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