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Tax, Employment & Pensions - FRS17 - Accounting for Pensions.

Publication: Mondaq Business Briefing
Publication Date: 21-JUN-02 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Tax, Employment & Pensions - FRS17 - Accounting for Pensions.(Brief Article)

Article Excerpt
Over recent years, the funding difficulties experienced by many final salary pension schemes have prompted the Accounting Standards Board to try to incorporate liabilities relating to pension schemes into the accounts of companies in order to given an earlier warning of financial problems caused by pension schemes. This has resulted in Financial Reporting Standard 17 ("FRS17") which is presently being phased in and will be fully operative for accounts with a year ending 22 June 2003 or later. This briefing note summarises some of the major effects of FRS17 and looks at some of the ambiguities associated with it.

FRS17

FRS17 is a reporting standard for both final salary and money purchase pension schemes but the substantial changes from the previous accounting rules (under SSAP24) are largely in relation to final salary schemes. The most substantial changes are as follows:

(i) The difference between the...

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