New ASB standard brings convergence nearer

Link: IAS special area

FRS21, which deals with events after the balance sheet date, is in effect the same standard as IAS10 and will apply from 1 January 2005.

‘Implementation of this international accounting standard is a small but significant step in the ASB’s strategy for a phased approach to converge UK standards with IFRS,’ said ASB chairman Mary Keegan.

‘It confirms our commitment to the convergence process, which will benefit preparers and users alike.’

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