The Accounting Standards Board (ASB) has issued Financial Reporting Standard (FRS) ‘Improvements to Financial Reporting Standards 2009’ in order to maintain the existing levels of convergence between UK and International Financial Reporting Standards.
The amendments arise as a consequence of the International Accounting Standards Board’s (IASB) annual improvement process. In April 2009 the IASB issued International Financial Reporting Standard ‘Improvements to IFRSs’, which made amendments to a number of International Financial Reporting Standards (IFRS). The improvements to UK FRS are the same as those made to IFRS where the UK FRS is an IFRS-based standard.
In addition, the ASB has amended FRS 11 ‘Impairment of Fixed Assets and Goodwill’ to strengthen the disclosure requirements in the FRS. The amendments are similar in nature to those made by the IASB to IAS 36 ‘Impairment of Assets’ as part of its ‘Improvements to IFRS’ issued in 2008.
The amendments set out in the FRS are based on the ASB's Financial Reporting Exposure Draft Improvements to Financial Reporting Standards issued in June 2009.