imported>Doug Williamson |
imported>Doug Williamson |
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| UK Financial Reporting Standard 17, dealing with retirement benefits.
| | ''Payment systems - PSD2''. |
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| FRS 17 replaced - and widened the scope of - the earlier UK Statement of Standard Accounting Practice SSAP 24. The most significant impact of FRS 17 is in relation to defined benefit pension schemes.
| | A Payment Initiation Service Provider, regulated under PSD2. |
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| FRS 17 requires any deficit in the pension scheme to be recognised in full in the sponsoring employer's balance sheet.
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| FRS 17 also requires pension liabilities to be measured on a more conservative basis for accounting purposes, compared with the earlier accounting under SSAP 24. This generally resulted in significantly greater pension liabilities (for accounting purposes) under FRS 17, and a greater incidence of larger pension deficits for accounting purposes.
| | PISPs are one of two new types of third party provider (TPP) under PSD2, the other being AISPs. |
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| FRS 17 requires the movement in the pension deficit (or surplus) to be analysed into a number of specified components.
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| Some of these components are recognised directly in the income statement, impacting reported accounting profits. These components include the expected returns on the invested pension fund assets.
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| Other components of the change in the pension deficit (or surplus) are recognised only in the statement of total recognised gains and losses. So these components do not affect reported accounting profits. These components include 'actuarial gains and losses' including differences between the actual returns and the expected returns on the invested pension fund assets.
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| == See also == | | == See also == |
| * [[Deficit]] | | *[[Aggregator]] |
| * [[Defined benefit pension scheme]] | | *[[AISP]] |
| * [[IAS 26]] | | *[[Authorised payment institution]] |
| * [[Statement of total recognised gains and losses]] | | *[[e-commerce]] |
| | *[[Faster Payments Service]] |
| | *[[Fintech]] |
| | *[[Information technology]] |
| | *[[P2P]] |
| | *[[Payment service provider]] |
| | *[[Payment system]] |
| | *[[PSD2]] |
| | *[[Third party provider]] |
| | *[[TTP]] |
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| [[Category:Pensions_Risk]] | | [[Category:Accounting,_tax_and_regulation]] |
