Link: Read more on FRS 17
The news, revealed in the company’s interim statement yesterday, will add extra fuel to the FRS 17 pension accounting controversy, though the shortfall had been widely anticipated.
Under the rule, Rolls-Royce was forced to declare a £700m deficit under its main UK pension at 30 June, though the company maintained the ‘snapsot’ of market value of assets and liabilities was overstated.
Paul Heiden, Rolls-Royce’s finance director, has sought to ease concerns over the pension liability funding, saying the company would be able to afford the £35m hit.
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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
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