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Overview of FRS 17 Implementation and Key Insights from the Working Party

This document outlines the crucial aspects of FRS 17, designed to replace SSAP 24, and its phased implementation timeline, including key disclosures over three years. It emphasizes the significant impact on defined benefit schemes, encompassing all retirement benefits while aligning with International Accounting Standards. The report serves as a practical guide for those involved in the preparation of FRS 17 information, addressing operational issues, data management, and strategic considerations. The Working Party, chaired by Andrew Penketh, comprises industry experts dedicated to refining these standards.

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Overview of FRS 17 Implementation and Key Insights from the Working Party

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  1. PRAG FRS17 Working Party Andrew Penketh Working Party Chairman

  2. FRS17 Overview • The key points • Replaces SSAP24 • Phased implementation – periods ending 22 June 2001 • Year 1 : Balance sheet type disclosures • Year 2 : Balance sheet, P&L and STRGL type disclosures • Year 3 – Full implementation • Defined benefit schemes – significant impact • Covers all types of retirement benefits • Convergence with International Accounting Standards

  3. Working Party • Terms of Reference • Practical guide to preparation of FRS17 information • Aimed at persons responsible for driving the process • Key practical and operational issues • Management structure, roles and responsibilities • Critical path • Data collection and processing routines • Strategic issues • Excludes professional protocols and commentary on financial statements

  4. Working Party • Members • Andrew Penketh – Horwath Clark Whitehill - Chairman • Peter Dickinson – Smith & Williamson - Secretary/Co-ordinator • Gaye Taylor – BDO Stoy Hayward - Editor • Jeff Highfield • Mike Carson – Jardine Lloyd Thompson • John Hotchkin – Jardine Lloyd Thompson • Tom Kelman – Gissings • Debra Tullett – Mercer Human Resource Consulting • Jean Chitty – Centrica plc

  5. Progress Report • Objective – December 2002 year ends • Meetings – February & March 2002 • Terms of Reference - ‘thumbs up’ from Exec meeting 17 April 2002 • Working draft prepared • Next Meeting – June 21 2002 • Draft circulated for comments – July 2002 • Comments late July/early August • Issue - earliest September

  6. Feed in…… • Contacts • Andrew Penketh – andrew.penketh@horwath.co.uk • Tel 020 7842 7355 • Peter Dickinson – peter.dickinson@smith.williamson.co.uk • Tel 01483 407100

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