FRS 29 Financial Instruments: Disclosures
Issued December 2005. Effective 1 January 2007 for those entities within the scope of FRS 26. For entities not applying FRS 26 voluntary compliance with FRS 29 is permitted. FRS 29 is equivalent to IFRS 7.
FRS 29 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Certain companies are exempted from the requirements of the Standard:
- Subsidiary undertakings where at least 90 percent of the voting rights are held within the group
- Parent companies in their single-entity financial statements
...provided the entity is included in publicly available consolidated financial statements which include disclosures that comply with this Standard.
Synopsis
FRS 29 is equivalent to IFRS 7. It requires two main categories of financial instruments disclosure:
Information about the significance of financial instruments on financial performance and position, including:
- Carrying value of each of the categories of financial instrument
- Amounts recognised in profit or loss with respect to financial instruments
- Descriptions of hedging arrangements
- Information about fair values of each class of financial instrument
Information about the nature and extent of risks arising from financial instruments, including:
- Qualitative disclosures describing risk exposures for each type of financial instrument and the management of risk
- Quantitative disclosures including summary quantitative data about exposure to risk at the reporting date and specific exposure to credit, liquidity and market risk.
Last updated 21 June 2015