Company Reporting, a monthly journal that monitors financial reporting practices in the UK, this month reported its findings following a recent FTSE survey by PricewaterhouseCoopers.
Under FRS17, due to take effect from 2003, companies will have to show pension fund gains and losses as they occur. At present businesses can spread any gains and losses over time.
Renishaw, an electronics equipment manufacturer, with a turnover of Pounds 125m, is one of the few companies to have opted for early adoption of the standard. In its statement of total recognised gains and losses, Renishaw disclosed an actuarial loss of Pounds 1.7m.
A mere 9% of 40 FTSE-250 companies surveyed by PricewaterhouseCoopers last month have looked at the effects the rule will have on their results. The remaining 91% are unaware of the changes FRS17 will bring.
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.
Kevin Reed discusses whether new accountancy group Cogital can rival the Big Four...and its likely direction of travel