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FRC publishes draft FRS 102 changes

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26th Aug 2014
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The FRC has published draft changes to FRS 102 for defined benefit pensions to make it clearer before it becomes mandatory on 1 January 2015.

The proposed amendments would clarify that the GAAP does not include all the complexities of IFRSm, and that no additional liabilities need be recognised in respect of a ‘schedule of contributions’ that has been agreed in order to address a deficit in the plan.

It also clarifies that the “effect of restricting the recognition of a surplus in a defined benefit plan, where the surplus is not recoverable is recognised in other comprehensive income, rather than profit or loss.”

Comments are invited by 21 November 2014. 

The FRC said it expects to issue the final amendments to FRS 102 early in 2015. They will apply to accounting periods beginning on or after 1 January 2015.

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