A snapshot of the company’s final salary pension scheme at the end of December 2002 revealed that its assets exceeded its liabilities by £300,000.
Recently, a survey by Credit Suisse First Boston found that FRS 17 had left FTSE 100 companies with a staggering £77bn aggregate pension deficit, almost equalling their combined profits.
Amongst the FTSE 100, BAE (628%), Rolls Royce (420%) and Pearson (330%) were some of the companies hardest hit.
The news of a pension surplus at British Vita came as the coming announced results slightly better than expectations. Profits climbed to £109.5m on turnover of £893m.
FRS 17 comes into effect in 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