PracticeAuditNew ASB standard brings convergence nearer

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.’

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