Deloitte comment letter on FRED 71 — ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’
Published on:
14 Mar, 2019
![Deloitte comment letter on FRED 71 – ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’ Image]()
We have published our comment letter on Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 71 Draft amendments to FRS 102 – Multi-employer defined benefit plans.
Overall, we recognise that there is currently widespread inconsistency in how entities account for a transition from defined contribution accounting to defined benefit accounting when sufficient information becomes available to do so. Although we believe there is a more compelling argument for recording the resulting adjustment in profit or loss rather than other comprehensive income, we support the FRC’s decision to include specific guidance in FRS 102 to improve consistency in this regard and agree that the proposed approach achieves this.
