EUROPE - A report issued recently by Standard & Poor's (S&P) Ratings Services has claimed the transition to IFRS has had a "pronounced impact" on the balance sheets of western European banks, "through the emergence of considerable unfunded obligations" to their defined benefit (DB) pension schemes.
In a report titled "Defined-Benefit Pension Obligations: New Accounting Rules Mean Past Promises Return to Haunt Western European Banks", S&P laid out how pension liabilities were affecting banks' ...
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