On 7 July the ASB published amendments to FRS 29 (IFRS 7) Financial Instruments: Disclosures, adding requirements in relation to disclosures on transfers to financial assets.
The amendments are designed to enhance the information currently available in the financial statements in relation to risk exposures arising from transfers of financial assets by an entity. The objective is to enable users of financial statements to evaluate an entity’s risk exposure arising from transfers of financial assets, as well as any resulting impact on the financial position.
The requirements in FRS 29 are converged with those in the equivalent international standard, IFRS 7. The amendments to FRS 29 are therefore identical to the IASB amendments and ensure that the requirements in the two standards do not diverge.
The ASB’s amendments to FRS 29 are effective for annual periods beginning on or after 1 July 2011.
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