Financial reporting alert - December 2002

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Solomon Hare summarises all the main audit and financial reporting practice developments in the six months to December 2002.

Accounting Standards Board ' recent activity

No financial reporting standards have been published since FRS 19 'Deferred Tax'. This extends the transitional arrangements stated in the standard.

On 25 November 2002, ASB published an amendment to FRS 17, Retirement benefits. The requirements of FRS 17 (to be revised at a later date in line with IASB developments) will become mandatory for accounting periods beginning on or after 1 January 2005.

The most recent exposure drafts published are:

  • Exposure draft of an amendment to FRS 17 'Retirement Benefits';

  • FRED 30 'Financial Instruments: Disclosure and presentation; Recognition and measurement';

  • FRED 31 '...
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