David Davison highlights a back-to-basics guide to the murky area of FRS17 disclosures.
As we approach the new year an early item on many financial controllers list will be to begin their accounting process. An important part of this for those organisations with defined benefit pension liabilities will to be consider their FRS17 disclosures. This is an area which seems to generate a lot of confusion with a great deal of uncertainty about exactly what flexibility exists for organisations. There is undoubtedly also a significant variation in approach amongst auditors.
My colleague Alan Collins has produced a beginners guide to try to offer some straight-forward guidance for those affected.
Many charities may not currently be affected given their participation in multi-employer schemes, but as Alan comments, how long will this lack of disclosure remain tenable?