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PRAG FRS17 Working Party

PRAG FRS17 Working Party. Andrew Penketh Working Party Chairman. 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

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PRAG FRS17 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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