The Accounting Standards Board (ASB) has issued for comment a Financial Reporting Exposure Draft (FRED), setting out proposals to amend Financial Reporting Standard (FRS) 17 'Retirement Benefits' and to issue a new Reporting Statement 'Retirement Benefit ' Disclosures'. The ASB has been reviewing the disclosures for defined benefit schemes in the light of concerns expressed by commentators that financial statements do not contain sufficient information to allow their users to adequately assess the risks arising from defined benefit schemes. In reaching its decision to review the disclosures for defined benefit schemes the ASB also took into consideration the significant changes that have been made to the UK regulatory regime for pensions since FRS 17 was developed.
ASB issues exposure draft on pension disclosures
31st May 2006