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FRRP conclusion on IFRIC 14 minimum funding requirements

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11 Oct 2013

The Financial Reporting Council (FRC) has issued a press release of the findings of the Financial Reporting Review Panel (FRRP) stemming from the review of the annual reports and accounts of WH Smith Plc ("the company").

The principal issue arising from the review related to the company’s decision not to recognise as a liability in its accounts a schedule of contributions prepared under schedule 227 of the Pension Act 2004 between a subsidiary of the company and the company’s pension trustee. 

Following the review the FRRP concluded that a schedule of contributions (prepared under section 227 of the Pensions Act 2004) between a company and the company’s pension trustee constitutes a minimum funding requirement under IFRIC 14 IAS 19 – The Limit On a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’

Please click here for the full press release on the FRC’s website.

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