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.”
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
UK defined benefit (DB) schemes have increasingly undertaken benefit reviews over the last four years resulting in an acceleration of scheme closures, Aon research finds.
Contributions are no longer sufficient to meet regular payments for three-quarters of small- to medium- sized defined benefit (DB) schemes, Buck analysis finds.