FRC: ASB issues amendments to FRS 29 (IFRS 7) 'Disclosures - Transfers of Financial Assets'
07 July 2011
The ASB of the FRC published amendments to FRS 29 (IFRS 7), 'Financial Instruments: Disclosures', adding requirements to that standard in relation to disclosures on transfers of financial assets. Entities are required to apply the amendments for annual periods beginning on or after 1 July 2011.
The amendments enhance the information currently provided in financial statements in relation to risk exposures arising from transfers of financial assets by an entity. This will enable users of financial statements to evaluate an entity’s risk exposure arising from transfers of financial assets, as well as any resulting impact on the financial position.
The need for the amendments arose as a result of the IASB amendments to the disclosure requirements in IFRS 7 'Financial Instruments: Disclosures' during October 2010.
As the requirements in FRS 29 are converged with those in IFRS 7, the ASB amendments to FRS 29 (IFRS 7) are therefore identical to the IASB amendments, and would ensure that the requirements in the two standards do not diverge.
Press release
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