News Article - 11 December 2006
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The Accounting Standards Board (ASB) is to issue a statement in January detailing a best practice on pensions disclosures.

Designed to encourage better transparency in the reporting of defined benefit pension schemes, Retirement Benefits – Disclosures will not equal a new standard but will complement the disclosures compulsory under financial reporting standard (FRS) 17.

The statement will aim to help users understand the implications of defined benefit schemes, covering six areas of interest.

Among the topics detailed will be the assumptions which are used to gauge liability, the sensitivity of those assumptions and future funding requirements.

Ian Mackintosh, the ASB's chairman, said: "As a best practice guide, the reporting statement allows preparers the flexibility to provide disclosures that are appropriate to the risk their particular entity is exposed to."

Recently, the board published an amendment to FRS 17, Retirement Benefits, in order to align the disclosures under the standard with those set out as part of international accounting standard 19.

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