BusinessCompany NewsCorus reports pensions surplus under FRS 17

Corus reports pensions surplus under FRS 17

Corus, the steel producer, this week became one of the few FTSE-100 companies to report a pensions surplus under the new highly contentious accounting standard, FRS 17.

The steel producer formed by merging British Steel with the Netherlands’ Koninklijke Hoogoverns, has disclosed a pension surplus of £865m, one of the largest yet under the new pensions accounting rule.

The company’s healthy pensions scheme has been attributed to the comparatively low life expectancy of the former work force, and a low dependency on equities while many companies have been hit hard by the fall in world stock markets.

Last year the group contributed £49m compared with £106m the previous year. But with its current surplus Corus could now enjoy a contributions break for several years.

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