Thursday, June 01, 2006
Proposed changes to FRS 17 [UK]
The British Accounting Standards Board has issued for comment proposed changes to its FRS 17 Standard on Retirement Benefit reporting. These modifications would take into account recent changes in the UK regulatory environment and would align FRS 17 more closely with IAS 19, its international counterpart. Both IAS 19 and FRS 17 are subject to an ongoing fundamental review which is expected to result in the removal of valuation corridors. This will lead to a more faithful representation of the economic nature of the relationship between pension scheme and its sponsor.