Comments from ACCA to the International Accounting Standards Board, January 2009.
ACCA is pleased to have this opportunity to comment on the exposure draft (ED) 'Proposed Amendments to FRS29 (IFRS7)', which is seeking constituents' views on the International Accounting Standards Board (IASB) exposure draft of proposed amendments to IFRS7 for implementation in the UK.
I attach a copy of the letter that we have sent to IASB in response to their proposals. The responses in that letter also provide our views on the specific questions raised by the ASB in the ED, including our comments on the 'relevance and usefulness of such disclosures'.
While we did raise reservations about some of the proposals in our letter to the IASB, we strongly believe that jurisdictional divergence should be avoided. We therefore support the IASB proposals to amend FRS29 and maintain consistency with IFRS7, and are not aware of any issues that would specifically affect UK entities in implementing those proposals.