ASB amends FRS 17

News Article - 09 February 2007
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An amendment to financial reporting standard (FRS) 17, retirement benefits, has been published by the Accounting Standards Board (ASB).

The change attempts to align the disclosures within the standard with those set out in the equivalent international accounting standard 19.

Initially, the standard was supposed to come into effect for accounting periods ending on or after December 31st 2006, however the board decided to allow more time for implementation.

The decision was made in response to concerns which had been expressed by some commentators that a longer period would be necessary for preparation.

Last month it was announced that the standard would be changed in December following consultation on the issue in May.

It will now be implemented to cover periods on or after April 6th 2007.

ASB's chairman Ian Mackintosh told Accountancy Magazine: "The ASB is also continuing its work in relation to its research project, which is a more fundamental review of pension accounting."

He added that the board was planning to issue a discussion paper setting out its views within the first six months of 2007.

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