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.
At PRAG's summer meeting last week, the proposal was discussed by Mike Young and Zahir Fazal. Young said he advocated a "back to basics" approach to accounting and questioned whether it was the...
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