Financial Reporting Standard (FRS17) Information
FRS17 is the accounting standard for pension costs which details the requirements for accounting for retirement benefits.
Prior to implementation, the requirement had only been to show cash contributions into pension schemes as a pension cost in year end accounts. FRS17, although a complex accounting standard, is based on a simple principle – that an organisation should account for retirement benefits when it is committed to give them, even if the actual giving will be many years in the future. The value of pensions accrued; together with the value of assets set aside to meet these liabilities need to be included in the balance sheet.
The Wiltshire Pension Fund, as Administering Authority is able to commission FRS17 reports through the actuary (Hyman’s Robertson) that will provide employers with all the information required to enable them to properly account for retirement benefits accrued with the Wiltshire Pension Fund and ensure they can comply with the required disclosure notes.
Any employer who requires a report and has not received one previously should contact David Anthony (Fund Investment & Accounting Manager) on 01225 713698 to request further details and a quotation.
Wiltshire Pension Fund, Wiltshire Council - Bythesea Road,Trowbridge, Wiltshire, BA14 8JJ.
© 2009 Wiltshire Pension Fund.