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.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements