FRS 17 - Revision history

imported>Doug Williamson: Expand definition.

2019-07-16T11:30:16Z

Expand definition.

← Older revision		Revision as of 11:30, 16 July 2019
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	The former UK Financial Reporting Standard 17, dealing with retirement benefits.		The former UK Financial Reporting Standard 17, dealing with retirement benefits.

			It introduced the important requirement for the full amounts of pension fund deficits and surpluses to be recognised and disclosed in the sponsoring employer's balance sheet.


	Effective for periods commencing on or before 31 December 2014.		Effective for periods commencing on or before 31 December 2014.
Line 10:		Line 13:
	* [[Deficit]]		* [[Deficit]]
	* [[Defined benefit pension scheme]]		* [[Defined benefit pension scheme]]
			* [[FRS 102]]
	* [[IAS 26]]		* [[IAS 26]]
	* [[Statement of total recognised gains and losses]]		* [[Statement of total recognised gains and losses]]
	* [[~~FRS 102~~]]		* [[Surplus]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
	[[Category:Compliance_and_audit]]		[[Category:Compliance_and_audit]]
	[[Category:Manage_risks]]		[[Category:Manage_risks]]

imported>Doug Williamson: Update

2015-08-11T09:05:57Z

Update

← Older revision		Revision as of 09:05, 11 August 2015
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	UK Financial Reporting Standard 17, dealing with retirement benefits.		The former UK Financial Reporting Standard 17, dealing with retirement benefits.

	FRS 17 replaced - and widened the scope of - the earlier UK Statement of Standard Accounting Practice SSAP 24. The most significant impact of FRS 17 is in relation to defined benefit pension schemes.

	~~FRS 17 requires any deficit in the pension scheme to be recognised in full in the sponsoring employer's balance sheet.~~

	FRS 17 also requires pension liabilities to be measured on a more conservative basis for accounting purposes, compared with the earlier accounting under SSAP 24. This generally resulted in significantly greater pension liabilities (for accounting purposes) under FRS 17, and a greater incidence of larger pension deficits for accounting purposes.

	~~FRS 17 requires the movement in the pension deficit (or surplus) to be analysed into a number of specified components.~~

	~~Some of these components are recognised directly in the income statement, impacting reported accounting profits. These components include the expected returns on the invested pension fund assets.~~

	Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.

	Effective for periods commencing on or before 31 December 2014.		Effective for periods commencing on or before 31 December 2014.

imported>Doug Williamson: Updated entry: Added reporting period and reference to location in revised FRS 100 series. Source: http://www.icaew.com/en/library/subject-gateways/accounting-standards/uk-frs/frs-17

2015-01-17T16:09:36Z

Updated entry: Added reporting period and reference to location in revised FRS 100 series. Source: http://www.icaew.com/en/library/subject-gateways/accounting-standards/uk-frs/frs-17

← Older revision		Revision as of 16:09, 17 January 2015
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	Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.		Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.

			Effective for periods commencing on or before 31 December 2014.


			Employee benefits are covered by Section 28 of FRS 102 for reporting periods starting on or after 1 January 2015.


Line 19:		Line 24:
	* [[IAS 26]]		* [[IAS 26]]
	* [[Statement of total recognised gains and losses]]		* [[Statement of total recognised gains and losses]]
			* [[FRS 102]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]
			[[Category:Compliance_and_audit]]
	[[Category:Manage_risks]]		[[Category:Manage_risks]]
	~~[[Category:Compliance_and_audit]]~~

imported>Doug Williamson: Category added as part of Standard check 22/10/13

2013-10-22T14:55:57Z

Category added as part of Standard check 22/10/13

← Older revision		Revision as of 14:55, 22 October 2013
Line 12:		Line 12:

	Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.		Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.


	== See also ==		== See also ==
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	* [[Statement of total recognised gains and losses]]		* [[Statement of total recognised gains and losses]]

	[[Category:~~Pensions_Risk~~]]		[[Category:Accounting,_tax_and_regulation]]
			[[Category:Manage_risks]]
			[[Category:Compliance_and_audit]]

imported>Doug Williamson: Category added 9/10/13

2013-10-09T14:26:16Z

Category added 9/10/13

← Older revision		Revision as of 14:26, 9 October 2013
Line 18:		Line 18:
	* [[IAS 26]]		* [[IAS 26]]
	* [[Statement of total recognised gains and losses]]		* [[Statement of total recognised gains and losses]]

			[[Category:Pensions_Risk]]

imported>Doug Williamson: Checked against FRC website 20/4/13 - no change

2013-04-20T11:33:45Z

Checked against FRC website 20/4/13 - no change

← Older revision		Revision as of 11:33, 20 April 2013
Line 11:		Line 11:
	Some of these components are recognised directly in the income statement, impacting reported accounting profits. These components include the expected returns on the invested pension fund assets.		Some of these components are recognised directly in the income statement, impacting reported accounting profits. These components include the expected returns on the invested pension fund assets.

	Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.		Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.

	== See also ==		== See also ==
Line 18:		Line 18:
	* [[IAS 26]]		* [[IAS 26]]
	* [[Statement of total recognised gains and losses]]		* [[Statement of total recognised gains and losses]]

imported>Administrator: CSV import

2012-10-23T14:19:42Z

CSV import

New page

UK Financial Reporting Standard 17, dealing with retirement benefits.

FRS 17 replaced - and widened the scope of - the earlier UK Statement of Standard Accounting Practice SSAP 24. The most significant impact of FRS 17 is in relation to defined benefit pension schemes.

FRS 17 requires any deficit in the pension scheme to be recognised in full in the sponsoring employer's balance sheet.

FRS 17 also requires pension liabilities to be measured on a more conservative basis for accounting purposes, compared with the earlier accounting under SSAP 24. This generally resulted in significantly greater pension liabilities (for accounting purposes) under FRS 17, and a greater incidence of larger pension deficits for accounting purposes.

FRS 17 requires the movement in the pension deficit (or surplus) to be analysed into a number of specified components.

Some of these components are recognised directly in the income statement, impacting reported accounting profits. These components include the expected returns on the invested pension fund assets.

Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.

== See also ==
* [[Deficit]]
* [[Defined benefit pension scheme]]
* [[IAS 26]]
* [[Statement of total recognised gains and losses]]