BusinessCompany NewsFRS 17 puts dent in BAA profits

FRS 17 puts dent in BAA profits

Annual results put out by airport owner BAA revealed healthy profits of £616m, but were dented by a significant charge due to FRS 17.

Link: The great FRS 17 debate

The controversial pension accounting standard, combined with what BAA called ‘significant investment’ in its operation base, reduced profits by £54m for the year ending 31 March 2004.

Under FRS 17, pension assets and liabilities must be accounted for on the balance sheet.

The standard will become a mandatory in 2005, but many companies have already begun to phase it in.

BAA also announced that Tony Ball, the former chief executive of BSkyB, has been appointed as a non-executive director.

BAA will open Terminal 5 at Heathrow in 2008 increasing capacity at the UK’s biggest airport by 50%.

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