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Financial reporting - Detailed examination of how FRED 21 has updated and changed the requirements of SSAP 2.


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Financial reporting - Detailed examination of how FRED 21 has updated and changed the requirements of SSAP 2.

... FINANCIAL REPORTING IN COURSE ASSIGNMENT (a) Detailed examination of how FRED 21 has updated and changed the requirements of SSAP 2. In December 1999, the ASB published FRED 21 "Accounting Policies", which set out proposals on the selection, application and disclosure of accounting policies. In March 1999, the Accounting Standards Board added a supplement to the FRED, proposing disclosures relating to compliance with the statements of recommended practice. Most respondents were broadly supportive of the proposals set out in the two documents, but a number of issues of detail were raised. The Accounting Standards Board has been considering how best to address these in a standard based on the FRED, and expects to issue an FRS before the end of the year. The issue of ASB's Statement of Principles for Financial Reporting represents the most significant step to date in the process of developing a coherent framework for the preparation and presentation of

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