UK - Deloitte has criticised proposals by the UK Accounting Standards Board (ASB) that would classify even small pension schemes as 'publicly accountable' - in the process making them subject to the same kind of scrutiny as listed companies.
According to Deloitte, 75% of respondents in a recent survey disagreed with the proposal that pension schemes should comply with the International Financial Reporting Standards.
Under the ASB's tier structure, pension schemes would face the same accounting requirements as a listed company.
The Deloitte survey of 80 trustees, administrators, actuaries and accountants found that 43% were happy with pension scheme financial reporting as it is, compared with 29% who thought it needed to change.
Audit partner Sue Barratt raised questions over whether the criterion for 'publicly accountable' status - that schemes hold assets for a broad group of outsiders - could credibly be applied to small pension schemes.
The ASB was unable to put forward a spokesperson to defend the proposals yesterday.
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