FINANCE NEWS: Accounting board delays introduction of standard FRS17

The introduction of controversial accounting standard FRS17 will almost certainly be delayed.

The new requirement, which forces all employers running final salary pension schemes to show the surplus or deficit of the scheme on their balance sheet, was due to have come into effect by December.

But the Accounting Standards Board (ASB), the body responsible for implementing FRS17, last week proposed a delay to allow more time for an international accounting standards for pensions to be developed.

But the ASB still insists that, despite the proposed delay, there is no weakening in its resolve to implement FRS17.

But the temporary reprieve may ease the pressure on charities to ditch their final salary schemes. FRS17 and poor stock market performance have been cited in the decisions of large charities to close or restrict their schemes.

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