More NewsASB Issues Amendment to FRS 20 on Group Cash-settled Share-based Payment Transactions

ASB Issues Amendment to FRS 20 on Group Cash-settled Share-based Payment Transactions

The Accounting Standards Board has published an amendment to FRS 20 (IFRS 2) ‘Share-Based Payment – Group Cash-settled Share-based Payment Transactions’. The amendment clarifies both the scope of the standard and the accounting for group cash-settled share-based payment transactions in the separate or individual financial statements of the entity receiving the goods or services when that entity has no obligation to settle the share-based payments transaction.

The amendment corresponds to that issued by the International Accounting Standards Board (IASB) in June 2009 and maintains the equivalence between FRS 20 and IFRS 2. In line with the IASB withdrawing IFRIC 8 ‘Scope of IFRS 2’ and IFRIC 11 ‘Group and Treasury Share Transactions’, the ASB will withdraw UITF 41 ‘Scope of FRS 20’ and UITF 44 ‘Group and Treasury Share Transactions’.

Entities are required to apply the amendments retrospectively for annual periods beginning on or after 1 January 2010.

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