The UK Accounting Standards Board (ASB) has announced a new range of proposals to amend two Financial Instrument regulations.
In its new draft document, Improvement to Financial Instrument Disclosures, the organisation discusses new proposals to change legislation following the recent announcement by the International Accounting Standards Board, reports Accountancy Magazine.
The initiatives aim to improve the quality of information which is disclosed in respect to the fair value of financial instruments and liquidity risk.
Under the new proposal, FRS 29 Financial Instruments: Disclosures would be adapted in order to be more relevant to its international equivalent, the IFRS 7 Financial Instruments: Disclosures.
The consultation period for the new proposals ends on January 30th 2008.
It was also recently revealed by the ASA that is has proposed similar amendments to the Financial Reporting Standards (FRS) for Companies Act 2006.
FRS6 Acquisitions and Mergers and FRS 28 Corresponding Amounts would be amended under the proposals, with comments invited from outside interested parties until March 5th 2009.
