PracticeAuditChanges to be made to FRS17

Changes to be made to FRS17

Controversial standard to be brought inline with IAS17

The Accounting Standards Board has issued a draft report setting out
proposals for changes to be made to pensions accounting standard FRS17.

Following the Financial Reporting Exposure Draft release, the ASB is seeking
comment on the proposals.

’The ASB has been reviewing the disclosures for defined benefit schemes in
the light of concerns expressed by commentators that financial statements do not
contain sufficient information to allow their users to adequately assess the
risks arising from defined benefit schemes,’ the ASB said.

The ASB said the draft proposals took into consideration the ‘significant
changes that have been made to the UK regulatory regime for pensions since FRS17
was developed’.

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