Accounting

UK - Cutting back public sector pensions would lead to an almost immediate £8bn (US$11.45bn) cost to the taxpayer, the Chartered Institute of Public Finance and Accountancy said.

UK - PricewaterhouseCoopers has become the latest firm to raise fears over proposed pension accounting changes.

UK - The National Association of Pension Funds is set to launch a major review into the standards used for accounting for pensions.

UK - Proposed changes to international accounting standard IAS19 could wipe £8.7bn (US$13.2bn) off reported company profits, Mercer warned.

Proposed changes to IAS19 will dramatically increase reported pension costs, Hewitt Associates said.

UK - The discount rate used to calculate scheme liabilities in company accounts should be a risk-free rate, an Accounting Standards Board report confirms.