Fears over pensions guidance.
Guidance for auditors policing new pension rules may not be ready by FRS 17 start date
FRS 17 takes effect in three stages starting 23 June. It requires companies to measure assets and liabilities using market values rather than historical cost.
But many fear forthcoming Auditing Practices Board guidance may be inadequate.
‘The first set of year-ends are already coming and the APB is yet to issue guidance,’ Deloitte & Touche technical partner Martyn Jones said.
PricewaterhouseCoopers partner Tony Bingham added: ‘The issue for auditors is what can reasonably be expected of them when a lot of the work is dependent on actuaries’ advice. Auditors cannot be expected to second guess actuaries.’
APB technical director Jon Grant said: ‘We have been working on guidance since last autumn. It’ll be out by June at the earliest.’