CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. UK FRC Announces Change To FRS 102

UK FRC Announces Change To FRS 102

by Jason Gorringe, Tax-News.com, London

27 February 2015


The Financial Reporting Council (FRC) in the UK on February 27, 2015, issued amendments to Financial Reporting Standard (FRS) 102 – Pension obligations to clarify aspects of the accounting for defined benefit pension plans by UK and Irish entities.

The amendments enable sponsoring employers reporting under UK and Irish Generally Accepted Accounting Practice (GAAP) to continue with current practice in accounting for defined benefit pension schemes.

Specifically, the change means:

  • No additional liability needs to be recognized for a "schedule of contributions" that has been agreed in order to address a plan deficit when the deficit itself has already been recognized; and
  • The effect of not recognizing an irrecoverable surplus in a defined benefit plan is shown in other comprehensive income, rather than profit or loss.

Melanie McLaren, Executive Director of Codes and Standards said: "The FRC is pleased to be able to clarify for entities applying FRS 102 for the first time that a practical and proportionate reporting basis can be used."

The amendments have the same effective date as FRS 102 and are applicable to accounting periods beginning on or after January 1, 2015.

TAGS: generally accepted accounting principles (GAAP) | tax | law | accounting | United Kingdom

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »