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Changes for employers to accounting for pension costs

United Kingdom
01/12/2000
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The Accounting Standards Board has issued a new accounting standard (FRS 17) on the treatment of pensions costs in employer's accounts. The new standard will replace SSAP 24.

FRS 17 will require assets in a pension scheme to be valued using a market value approach rather than the actuarial values used under SSAP 24. This will introduce more volatility into the valuation of scheme assets and some commentators have suggested that this may be another nail in the coffin of final salary schemes.

FRS 17 will not have to be applied in full until accounting periods ending on or after June 2003 but disclosures will be required for accounting periods ending on or after June 2001.

Copies of the ASB press release can be found at: http://www.asb.org.uk/publications/publication306.html

For further information please contact Karen Mumgaard at [email protected] or on +44 (0)20 7367 3465.

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