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Rethink on FRS 17 accounting rule

Full implementation of controversial pension accounting rule FRS17 will be delayed while the International Accounting Standards Board decides on its worldwide standard.

The FRS17 rule was due to come in to full effect for UK companies in December but could be superseded next year if the ISAB comes up with a different measure.

The Accountancy Standards Board is now seeking comments on proposals to allow companies to defer full adoption of FRS17 and continue to disclose FRS17 information only in the footnotes of financial statements.

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