BusinessCompany NewsFRS 17 harmful to UK companies

FRS 17 harmful to UK companies

FRS 17 could be harmful to some of Britain's largest companies according to a recent study by banker HSBC.

The report said the new accounting rule, which forces companies to report the full cost of pensions in their reports in one year instead of spacing them out over time, could put them at risk.

The companies named by the report include Marks & Spencer, British Airways, ICI, and Marconi, which has a Pounds 2.7bn pension fund.

Last month a survey by monthly journal Company Reporting found that less than 1% of 700 companies had adopted the new pensions accounting standard.

After the report was published Mary Keegan, head of the UK Accounting Standards Board, said her organisation did not expect early adoption.

But, she warned: ‘I would remind people that at the year-end there is more disclosure demanded that is mandatory. They must be ready by early December.’

Links

Boots defends switch to bonds

UK plc shuns FRS 17

UK plc faces pensions chaos

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor