Link: FRS 17 special
CSFB found the situation was even worse for small companies were the accounting rule took the deficit to £13.1bn or 132% of operation profits.
Amongst the FTSE 100, BAE (628%), Rolls Royce (420%) and Pearson (330%) were some of the companies hardest hit.
FRS 17 forces companies to account for pension assets and liabilities on the balance sheet, and produces a snapshot based on market valuation It takes effect in parts until June this year when companies must comply fully.
The Accounting Standards Board, which developed the rule, has refused to back down despite a potential clash between FRS 17 and international accounting standards, which all EU companies must adopt by 2005.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016