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FRED 71 Draft Amendments to FRS 102: Multi-employer defined benefit plans

Background

In January 2019, the Financial Reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 71 Draft Amendments to FRS 102: Multi-employer defined benefit plans.

FRED 71 responds to a current financial reporting issue by proposing new requirements, to be included within Section 29 of FRS 102, for presenting the impact of transition from defined contribution accounting to defined benefit accounting. Such a transition is required by FRS 102 when sufficient information becomes available for an employer participating in a multi-employer defined benefit plan to apply defined benefit accounting. It is proposed that the amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted.

Status of the project

Amendments to FRS 102: Multi-employer defined benefit plans was issued by the FRC in May 2019The amendments require that the impact of transition from defined contribution accounting to defined benefit accounting to be presented in other comprehensive income. 

The amendments are effective for accounting periods beginning on or after 1 January 2020, with early application permitted.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.