ASB welcomes the publication of Financial Services Authority (FSA) Guidance Paper 'Forbearance and Impairment Provisions - Mortgages'

News types: Response, Statements

Published: 5 October 2011

ASB PN 364
The Accounting Standards Board (ASB) notes that the Financial Services Authority (FSA) has published a Guidance Paper ‘Forbearance and Impairment Provisions – Mortgages’. The ASB welcomes the publication of this paper, which it believes to be a contribution towards the continued development of better financial reporting in the UK.

One of the ASB’s aims is to promote good practice in financial reporting by all companies in the UK. The ASB welcomes the work conducted by the FSA in furthering this aim.

The FSA Guidance paper can be downloaded from the FSA website, free of charge, at: Forbearance and Impairment Provisions – ‘Mortgages’.

Notes to Editors

  1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.

  2. The role of the ASB is to oversee the financial reporting requirements for UK entities. This is done by maintaining and improving UK Financial Reporting Standards (FRS) and influencing the development of international standards. The ASB achieves this by collaborating with accounting standard-setters from other countries and the International Accounting Standards Board (IASB).

  3. The ASB currently has eight Board members, of whom one (the Technical Director) is full-time, and the remainder, who have a variety of experiences as preparers, auditors and users of financial reports, are part-time.

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