GLOBAL - The International Accounting Standards Board (IASB) is to accept the UK's controversial FRS17 accounting standard as the base of the international standard IAS19.
FRS17 requires pension fund gains and losses to be included in the profit and loss account of the sponsor company.
Wayne Upton, research director at the IASB, said: “It is unlikely that we would copy the words of FRS17.
“The difference between the existing IAS literature and FRS17 are the smoothing mechanisms and the board has tentatively agreed to do away with those [by removing them from IAS19], which I suppose you would say is a move towards FRS17.”
The Department for Work and Pensions (DWP) will develop and test new ways to include 4.8 million self-employed workers in pension savings.
Opt-out rates at the end of June 2018 "remained consistent" with levels before the April contribution rate increase, according the Department for Work and Pensions (DWP).
The Pensions Regulator (TPR) has appointed Charles Counsell as its new chief executive, who will take over from Lesley Titcomb next year.
The Financial Reporting Council (FRC) should be abolished and audit and advisory businesses should be split into separate entities to improve the sector for both savers and investors, two reports published today say.