With the introduction of FRS 102 Financial Reporting Standard applicable in the UK & Ireland (which replaces FRS 17 Retirement Benefits as the financial reporting standard) many employers are wondering how this may affect their balance sheet.

There are many different facets to FRS 102 and your accountant and auditor will be able to provide further details on the wider implications.  This article covers how FRS 102 affects accounting for pension scheme liabilities, where the change could have hundreds of thousands or even millions of pounds of impact.

The starting point really relates to one main question, ‘have you previously disclosed a pension deficit?’