New ASB standard brings convergence nearer
The UK Accounting Standards Board has today released another standard that brings UK GAAP closer to international accounting standards.
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.’