UK - The Accounting Standards Board has deferred the mandatory requirement for full adoption of FRS17 until January 1, 2005.
This follows the International Accounting Standards Board’s announcement in June that it was considering revisions to its international employee benefits standard, IAS19.
The extension to the transitional arrangements of FRS17 will allow the ASB to move in line with any international standard without having to change rules twice.
In a statement the ASB said that the deferral reflected no weakening of the ASB’s view that the FRS17 standard was the best approach to pensions accounting.
It said that it continued to encourage early adoption of all the requirements of the UK standard on a voluntary basis.
FRS17 information must still be disclosed in the notes to accounts in companies where the full standard is not adopted early.
*IASB board member Geoffrey Whittington told the NAPF’s autumn conference that IAS19 will be fundamentally the same as FRS17.
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