ASB Proposes an Extended Transitional Regime for UK Pensions Standard

The Accounting Standards Board (ASB) will next week publish for comment an Exposure Draft of an amendment to FRS 17 ‘Retirement Benefits’. The proposed amendment would extend the transitional arrangements in the standard and therefore defer the mandatory requirement for the full adoption of FRS 17. In the meantime, UK financial statements would include disclosure of information prepared in accordance with FRS 17 either in the footnotes or, where the standard is voluntarily adopted early, in the main financial statements. The ASB’s proposal is a direct result of the IASB announcement last week that it had added to its agenda a project to reconsider the provisions of the corresponding international standard, IAS 19 ‘Employee Benefits’. Mary Keegan, ASB Chairman, said: ‘We have been encouraging the IASB to indicate whether or not it would reconsider its standard on pensions. We now have that agenda decision.’

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