UK: ASB publishes FRED 'Improvements to Financial Reporting Standards'

The UK's Accounting Standards Board has published a Financial Reporting Exposure Draft (FRED) titled "Improvements to Financial Reporting Standards". In the accompanying press release, the following explanation is provided:

The amendments proposed in the FRED arise as a consequence of the International Accounting Standards Board’s (IASB) annual improvements process. In May 2008 the IASB issued an International Financial Reporting Standard, ‘Improvements to IFRSs’, which made amendments to a number of International Financial Reporting Standards (IFRS).

The ASB is issuing this FRED which seeks to maintain the existing levels of convergence between UK and International Financial Reporting Standards. The proposals set out in the FRED include the same improvements to UK FRS as those made to IFRS where the UK standard is based on its international equivalent.

In addition to the improvements arising from the IASB’s annual improvements process the ASB has taken this opportunity to propose improvements to UK FRS which have been brought to its attention; to update UK IFRS-based FRS where the equivalent IFRS has been amended or updated; and finally to update UK FRS for editorial changes. The ASB is inviting comments on its proposals by 27 September 2008.

For further information see:
ASB press release | Copy of the FRED | Earlier IASB post