The Accounting Standards Board (ASB) has issued 'Amendments to FRS 29 - Improving Disclosures about Financial Instruments'.
The amendments are based on those issued by the International Accounting Standards Board (IASB) in March 2009.
This package of amendments is part of the standard setting response to the credit crisis by improving the quality of information disclosed in financial statements about financial instruments.
The amendments to FRS 29 require enhanced disclosures about fair value measurements and liquidity risk.
The ASB also took this opportunity to incorporate credit risk disclosures for loans and receivable as this requirement in IFRS 7 had not previously been adopted into UK GAAP.