Standard exposure draft issued

News Article - 12 July 2007
Category:

A new financial reporting exposure draft (FRED) relating to party disclosures has been unveiled by the Accounting Standards Board (ASB).

The draft calls for the replacement of financial reporting standard (FRS) 8 with a new one based on international accounting standard 24.

Proposals outlined in FRED aim to streamline the requirements of company law with accounting standards.

In addition, the suggestions made would seek to improve convergence between international financial reporting standards while also avoiding discrepancies between company law and FRS.

FRED is hoping that the International Accounting Standards Board (IASB) will move to correct IAS 24, while the reports should also increase awareness that wholly owned subsidiaries will be able to make disclosures.

Lat month, the ASB wrote to the European commission to call for the adoption of IFRS 8 across the whole of Europe under the provision that a review would be conducted following its implementation period.

Article keywords:

---

More industry news

• Think tank warns UK may have already slipped back into recession
• Growing demand for HR staff in technology and international sectors
• Boosting business growth a ‘priority’ to avoid Eurozone slowdown
• HMRC launches alternative disputes pilot scheme this week
• December employment statistics disregard gloomy recruitment predictions
• Eurozone manufacturing PMI shows modest improvement
• UK scores highly for economic governance by ratings agency
• Government launches two-year project focusing on manufacturing sector
• Burden of regulation on UK businesses ‘too high’

Back to news home page »