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Status of Standards on Leases (FRS117), Related Party Disclosures (FRS 124) and Financial Instruments: Recognition and Measurement (FRS 139) (30 December 2005)

The Board wishes to inform that the announcement on the effective date of the revised standards on Leases (FRS 117), Related Party Disclosures (FRS 124) and the new standard on Financial Instruments: Recognition and Measurement (FRS 139) will be made towards the end of January or early February 2006 in major newspapers.

The Board will be issuing these standards some time in 2006.

The Board appreciates the input given by constituents who have provided constructive views and have identified areas of difficulties especially in the timing of the implementation the standards. It hopes that the constituents take advantage of the time available to prepare themselves for the implementation of the standards when they are issued and come into effect.