The Accounting Standards Board (ASB) has this week published an amended FRS 2 'Accounting for Subsidiary Undertakings'; and amendments to FRS 6 'Acquisitions and Mergers' and FRS 28 'Corresponding Amounts'. The amendments updates the references in these Financial Reporting Standards to refer to the 'Companies Act 2006' and the 'The Large and Medium-sized Companies and Reports) Regulations 2008.
The FRS does not amend existing requirements of these FRSs but updates them such that the references contained in the FRSs correspond with current legal requirements.
The ASB issued a Financial Reporting Exposure Draft proposing the amendments in December 2008. Constituents in the United Kingdom and the Republic of Ireland were broadly supportive of the proposal to update these FRS.
The amendments take effect for accounting periods beginning on or after 6 April 2008 or when the provisions of the Act/and or the Regulations are applied to other entities (eg limited liability partnerships), if later.