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UK aligns FRS17 pensions standard to IAS19

UK - The UK's Accounting Standards Board is to amend the FRS17 retirement benefits accounting standard to align it with the international IAS19 standard.

"The amendment will be published in December, and will be effective for accounting periods ending on or after 6 April 2007, although early adoption is encouraged," the ASB said.

It added: "The amendment will align the disclosures in FRS17 with those of the equivalent international standard, International Accounting Standard (IAS) 19."

The board consulted on the amendment in May 2006, when it was proposed to have an effective date of accounting periods ending on or after December 31 2006.

The ASB has decided to allow a longer implementation period in response to concerns from some commentators regarding the time required to prepare for the amended disclosure requirements.

The ASB has also decided to amend paragraph 16 of FRS17, so that for quoted securities, the current bid price (rather than the mid-market value) is taken as fair value. This is a further alignment with IAS19, on which the ASB consulted in July 2005.

The ASB added that it is continuing its review of the matters raised in relation to the proposals in the May 2006 exposure draft for a best practice reporting statement.

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