BusinessCompany NewsCompanies get extra time on FRS 17

Companies get extra time on FRS 17

The Accounting Standards Board has extended the period during which companies must incorporate the new pensions accounting standard FRS 17 into their financial statements until 2005.

Link: FRS 17: follow the story

The delay has been prompted by work between the ASB and the International Accounting Standards Board to align standards, in a move aimed at ensuring companies will not have to make two changes to how they account for pensions in a short space of time.

The ASB hopes the delay will mean a common standard can be agreed and implemented less painfully, although it believes FRS 17 is still the best approach to pensions accounting and is still encouraging early voluntary adoption.

FRS 17, which takes a snapshot of company pension funds at a certain point in the year, has been criticised for making accounts more volatile and has been blamed by many companies as the reason for stopping final salary pension schemes for new employees.

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