MyCIMA

Amendment to FRS 29

Posted: Wednesday 02 March 2011 by Nick Topazio
Replies : 1
Keywords: financial assets, Financial Instruments, IFRS 7

Changes to IFRS 7 have caused the ASB to propose amendments to FRS 29 ‘Financial Instruments: Disclosures'.  The proposals amend the disclosure requirements of FRS29 and incorporate new requirements that aim to assist users of financial statements evaluate an entity's risk exposure arising from transfers of financial assets as well as any impact on the financial position.

The exposure draft, which can be accessed via the ASB website, is open for comment until 30 April 2011.  We would welcome any comments that you might have.

I doubt the ASB really would welcome the most tempting comment..

Posted by Adrian Rutter on Monday 21 March 2011 15:25

And I thought we public-sector wonks were the purveyors of the world's finest red tape.

As I'm deeply involved in trying to make IFRS mean something to the readers of public-sector accounts, in particular grappling with the delights of accruing for holiday pay which will never, ever, become an actual cash outflow, I'll do my best to keep comments short, relevant and readable by a family audience.

So: 

(1) Has the ASB ever heard of 'cost-benefit analysis' as applied to the time and cost of meeting ever more arcane accounting standards analysed against the benefit to anyone who actually reads the accounts?

(2) Does the ASB really think that, in a fast-moving commercial environment, putting this sort of information in a document published up to nine months after the year-end date provides any sort of reader-benefit at all?

(3) Has anyone at the ASB ever heard of the "Plain English Campaign"?

Those are serious and genuine questions. Does anyone have any answers?