The proposals intend to make the cost of funding pension schemes by local authorities more transport by requiring them to disclose pension assets and liabilities on the balance sheet.
Vernon Soare, policy and technical director at CIPFA, said: ‘CIPFA is committed to the full implementation of Financial Reporting Standards in local government. The Joint Committee’s proposals will ensure that FRS 17 is fully implemented in local authority accounts, in line with the timetable in the standard. This represents a further step in applying Financial Reporting Standards to local authorities.’
Union leaders and MPs have voiced serious concerns during the past few weeks over the new standard pressing the government to intervene so it can be changed.
Mary Keegan, chairwoman of the Accounting Standards Board which sets accounting rules, said: ‘I am delighted that this Update Bulletin has now addressed how local authorities will implement FRS 17 in the same timetable as the private sector.’
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