IMPACT ON THE P&L

摘要

When new UK GAAP comes into effect from 1 January next year, some companies running defined benefit (DB) pension schemes could feel a substantial impact in their accounts. FRS 102, Financial Reporting Standard applicable in UK and Ireland, the replacement for the current UK GAAP, contains a dedicated section on pension accounting, replacing current UK pension standard FRS 17, Retirement Benefits, and largely brings UK GAAP in line with International Financial Reporting Standards (IFRS). Companies reporting under IFRS have recently felt some impact in their own financial statements from the amendments made in 2011 to IAS 19, Employee Benefits, which became effective for annual periods beginning on or after 1 January 2013.