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The Actuary The magazine of the Institute & Faculty of Actuaries

FRS17 – Why it was an improvement over SSAP24

I note the editor’s response to some of the criticisms of Robert Clarkson’s article on FRS17 was that the intention was to inform readers who weren’t around at the inception of FRS17 of the discussions around its suitability. Perhaps, if that was the intention, I missed the opposite article explaining the improvements brought by FRS17 and why it was welcomed by almost all accountants and users of accounts as a vast step forward from its predecessor, SSAP24. The ASB might be reviewing the principles of pensions accounting but I don’t think anyone seriously believes they will take a backwards step – more likely, a step further into the realms of financial economics and consistency with every other part of a company’s financial statements.