UK - The Pension Research Accountants Group (PRAG) has overwhelmingly rejected a proposal by the Accounting Standards Board (ASB) to force pension schemes to recognise their actuarial liability to pay pensions in the future.
Young said he advocated a "back to basics" approach to accounting and questioned whether it was the job of the accounting profession to "interfere in economic modelling".
If the proposal was accepted, Fazal warned, it would cause confusion and lead to several different actuarial valuations being used for employer financial reporting, pension scheme financial reporting, and the purposes of funding the scheme.
In a vote following the debate, the meeting was "unanimous" in rejecting the proposal.
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