In response to the Charity Commission’s annual review of Statement of Recommended Practice – SORP – the Charity Finance Directors Group pledged to work together to develop guidelines on FRS 17.
In particular, the CFDG wants to see some worked examples of the impact of FRS 17 on charity accounts, guidance of its impact on valuations on reserves, advice on the assumptions made by actuaries for FRS 17 valuations and some guidelines on the early implementation FRS 17 by charities.
CFDG director Shirley Scott said: ‘We very much welcome the proposed amendments to SORP. We have heard many stories about charities pulling out of final salary pension schemes as a result of FRS 17 but there are many other reasons for the decline in these schemes.’
FRS 17 forces companies to account for pension assets and liabilities on the balance sheet and takes effect in parts until June 2003 when companies must comply fully.
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